Set expectations with vendors, measure results, and communicate
PROBLEM
Engaging with the right law firms is critical to the success of legal departments, yet many departments lack structure in selecting firms, assessing firm performance, and providing regular feedback. Having a structured process in place provides the data and confidence needed to support your initiatives.
WHAT WE DELIVER
The Vendor Management Program from LexisNexis® CounselLink® Strategic Consulting Services provides law departments with a framework to assess law firms, improve performance of firms, and showcase department value. By the end of the project, you’ll have:
A clearly defined set of expectations of law firms
A law firm scorecard containing a comprehensive set of metrics to evaluate firms
A process to regularly review firm performance and communicate with firms
HOW WE GET THERE
Our Vendor Management Program consultants guide legal departments on best practices for designing a framework with this robust six-step process:
Meet with departmental leadership to understand strategic priorities and vendor expectations
Articulate expectations of vendors and recommend supporting outside counsel guidelines language
Recommend best practice metrics for a law firm scorecard
Analyze historic and benchmark data to propose thresholds and targets for scorecard metrics
Design and develop vendor dashboards/ scorecards
Recommend a process for ongoing communication of vendor results both within the legal department and with outside counsel
WHY VENDOR MANAGEMENT IS IMPORTANT
Many legal departments have historically
focused on spend management and/or matter
management. But vendor management is just as
important to the success of the legal department.
A properly structured vendor management
process that aligns with corporate objectives
provides many benefits, including:
Objectively and consistently measure law firm performance
Integrate vendor management with expectations set forth in outside counsel guidelines
Strengthen relationships with law firms
Select the best mix of law firms
Manage the costs associated with outside counsel
Improve business outcomes
Effective programs incorporate measurement, goal setting, review, communication, and accountability into a routine process. Why not make it easy for corporate law departments to demonstrate their value to the organization? Establishing a disciplined process to select and assess vendors provides management tools to both improve value and to demonstrate it.
CounselLink Strategic Consulting Services
More mature legal departments take a thoughtful, informed approach to day-to-day and strategic decisionmaking. The Strategic Consulting Group helps corporate legal departments advance in maturity through service offerings that deliver process improvement, robust use of data, metrics and analytics, and change management.
STRATEGIC SERVICE OFFERINGS
Health Check
Billing Guidelines Advisement
Rules Optimization
Alternative Fee Advisement & Fee Structure Optimization
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