This Leading Practices Profile presents themes, trends and leading convergence practices of six legal departments and three law firms in selecting and managing preferred outside counsel networks as value partners.
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.
<p/>This ACC Value Challenge resource is part 3 of a 3 part series. To view the other resources in this series, please click here:</p>
<p class=><a id=CP___PAGEID=1365185| href=/legalresources/resource.cfm?show=1365185>ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)</a></p><p class=><a id=CP___PAGEID =1365193| href=/legalresources/resource.cfm?show=1365193>ACC Value Challenge: Facing Up to the Challenge - Law Firm Metrics (Part 2)</a></p>
This article focuses on a shift in the billable hour paradigm and how law firms and clients must look forward and focus on the outcomes that are desired, rather than looking backwards at the cost of production. The billable hour has diametrically opposed functions for both sides in the relationship: (1) unit of production and (2) basis of profitability. Not until both sides understand that you can't have the same unit serving dual purposes, will they truly understand alternative fees and value-based relationships. This article delves into what is required to establish a new model for law firm economics.
<p/>This ACC Value Challenge resource is part 2 of a 3 part series. To view the other resources in this series, please click here:</p>
<p class=><a id=CP___PAGEID=1365185| href=/legalresources/resource.cfm?show=1365185>ACC Value Challenge: Facing Up to the Challenge - The Case for Change (Part 1)</a></p><p class=><a id=CP___PAGEID =1365213| href=/legalresources/resource.cfm?show=1365213>ACC Value Challenge: Facing Up to the Challenge - The Transition (Part 3)</a></p>
This article focuses on the end goal of implementing alternative fee arrangements ("AFAs"). Statistics show that more and more firms and in-house counsel are moving their work to some type of AFA, but yet not all of them have a firm understanding as to what they're trying to achieve. This article addresses three basic, attainable, targets that general counsel and law firm leaders alike should keep in mind as they implement and improve their AFAs: (1) reducing the client's total legal costs by a significant amount, (2) providing near-complete predictability in cost and process, and (3) significantly improving outcomes.
<p/>This ACC Value Challenge resource is part 1 of a 3 part series. To view the other resources in this series, please click here:</p>
<p class=><a id=CP___PAGEID=1365193| href=/legalresources/resource.cfm?show=1365193>ACC Value Challenge: Facing Up to the Challenge - Law Firm Metrics (Part 2)</a></p><p class=><a id=CP___PAGEID =1365213| href=/legalresources/resource.cfm?show=1365213>ACC Value Challenge: Facing Up to the Challenge - The Transition (Part 3)</a></p>
This InfoPAK takes a unique, practitioner-focused approach to exploring the ACC Value Challenge initiative (“AVC”) of reconnecting cost and value within the context of small law departments. Using case-studies proffered by in-house counsel from various small law departments, this InfoPAK examines the ways in which these small law department practitioners have implemented the concepts and principles espoused in the AVC into every day practice. Starting with the general principles of the AVC, it then provides details on each in-house counsel’s unique experiences in implementing the value-based concepts, followed by a summary of the practices utilized and the key takeaways for readers. Finally, the InfoPAK provides additional practical guidance, including an extensive list of additional resources on the topic from both the ACC Value Challenge library, general resource collections, various topic-specific checklists, and other highly relevant articles at the end of the document.
The ACC Value Index: Key Insights
This article covers why building a diverse and inclusive legal team is essential to obtaining superior results.
These days, it seems that everything from meat to movies gets a letter grade. So, what about law firms? CSX Corporation decided to use the system to its advantage. By implementing a variety of practices, including “scorecard” evaluations, CSX was able to redefine its relationship with outside counsel. After all, who doesn’t want an A+?
These guidelines detail the standard terms of engagement between Freescale and outside counsel. Section 1 addresses effective communication, including the company's expectation that counsel allow sufficient time to review and consider counsel's advice and work product prior to deadlines. The remaining Sections address handling confidential/proprietary information, budgets, staffing, retention authority, litigation planning, non-litigation planning, procedures for addressing potential conflicts of interest, media policy, professional fees, invoice timing and format, and policies on expenses.
Sample outside counsel requests for proposal, guidelines on how it is expected to be performed, and how the company and outside counsel are to interact once services are contracted.