Wall St. Journal, Bloomberg, CBS MoneyWatch, Corporate Counsel Magazine, and Institute for Supply Management (ISM) cover legal department efficiency and effectiveness.
In the Media
We invite you to browse the collection of articles related to innovative and effective management of legal services below. These articles represent some of the most innovative legal departments of which we are aware. We hope you find these articles helpful, engaging, and inspiring.
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By many accounts, sourcing is making progress in the legal category and delivering millions of dollars in saving. Legal sourcing is emerging into something of a media spotlight.
Forward-thinking general counsel are turning to Procurement for help. A great opportunity for collaboration between legal department and Procurement is exploring whether legal services can be 'unbundled.'
As corporate legal departments contend with growing budget pressures, competitive bidding events, or reverse auctions, for legal services are growing in popularity as a cost control measure. Many of the world’s largest companies, such as Toyota, Sun Microsystems, Oracle, and EBay have already taken advantage of this opportunity.
Both Wal-Mart and DuPont are firms that have identified the rising costs of outside counsel as a problem that needs to be analyzed and controlled. By applying basic efficiency management principles and procurement best practices, the two firms are addressing the issue head on.
Senior supply management executives recognize that corporate legal departments can represent a rich, untapped opportunity to enhance value and obtain savings. Supply management groups have long eyed this category, noting its high degree of spending and lack of transparency. The tide is turning, as leading corporate legal groups partnering with supply management departments, implementing approaches that increase quality of legal services and reap significant company savings.
After years as a law firm litigator, Allex Waxman went in-house to head Pfizer's litigation practice group two years ago. Now, he shares with Inside Litigation the surprises, challenges and goals ahead and how his team is set to meet them.
In 2005, Pfizer Inc. engaged 103 law firms for a convergence process to identify some 20 preferred providers. With the leverage of an intricately built, "Request for Information" tool, Pfizer's In-House Counsel was able to study and assess dozens of quality and cost characteristics objectively and systematically.
When legal departments use competitive bidding, also called a “reverse auction,” they solicit proposals for outside legal services through a digital auction. Companies integrating this into their selection process have been seeing overwhelming success with the new procedure in place, reducing legal spend by tens of millions of dollars.
According to Jason Winmill of Boston-based legal consulting firm Argopoint, benchmarking typically identify a minimum of one to four million dollars in savings opportunities.
In-house legal departments increasingly are using various forms of auctions, mostly for flat-fee billing projects, to choose outside attorneys, according to corporate counsel and law firms. In these "reverse auctions," the roles of buyers and sellers are switched, with sellers competing for business by undercutting other bidders.