Unbundling Outside Counsel Transactional Legal Services
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The relationship between big law firms and corporate legal departments is changing. Today, there are simply more choices for how to get legal work done. As a result, legal executives are no longer willing to blindly accept traditional law firm protocols and are exploring ways to exert more influence over what they spend and the services they received in return. They are seeking a pathway to transparency.
“Unbundling” legal services—when the deliverables associated with a specific legal matter are broken down into separate, component parts—is a significant step on that path. The corporate legal executive then determines which of the parts will be assigned to the company’s outside counsel, which will be handled in-house and which will be assigned to third parties. This ultimately empowers the corporate legal executive to assign each task to the service provider who is best suited for the specific task and, ultimately, to understand costs, improve quality, maximize efficiency and reduce the company’s legal spend.
Read original articleTags: corporate legal departments, corporate legal executive, legal executives
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