Value for money

“Aligning the legal services you need with the services you are getting, and the price you should pay for those services with the price you’re actually paying.”

How you do this depends on where you want to go and what your specific needs are. The size of your organisation and your legal spend, your existing practices, and the nature of your legal requirements will all be relevant to the approach you take.

At one end of the spectrum are engagement protocols, billing guidelines and negotiated billing arrangements. At the other end of the spectrum, are more sophisticated processes such as convergence of your firms, establishment or review of a legal panel, benchmarking, legal process outsourcing, legal project management, alternative fee arrangements, value pricing.

No matter what technique you use, benchmarking external law firm performance is critical to ensure delivery of quality legal services. Performance to benchmarks can also form part of a value pricing arrangement.