This article focuses on the different value-based approaches and what it takes to not just make them work, but thrive. It stresses the need for a true partnership to develop between in-house and outside counsel. When a true partnership is formed, waste is eliminated for in-house counsel, while profits are maintained, and sometimes even enhanced, for outside counsel. The article delves into the need to diverge from the "I hire the lawyer, not the firm" mentality and place emphasis on the product that is the practice group instead. Finally, it touches on a few misconceptions concerning alternative fee arrangements and how to best measure the value from those arrangements.
This ACC Value Challenge resource is part 3 of a 3 part series. To view the other resources in this series, please click here:
ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)
ACC Value Challenge: Facing Up to the Challenge - Law Firm Metrics (Part 2)