Value-based pricing is having a moment in legal services. Clients want predictability. Firms want margin protection. And almost everyone agrees the billable hour is a blunt instrument for the work that matters most…
In readiness for the transformation we are seeing accelerate across the legal ecosystem, we are leading an extensive client listening initiative to truly understand the dynamics reshaping the role of GCs and the in-house function as well as the relationship with their law firms and other service providers.
My optimism for the future of the legal services industry has been reinforced by discussions with clients, colleagues in the industry and participants in conferences and roundtable events. I have learnt so much from these interactions and am offering my key takeaways in the spirit of sharing and communicating that characterizes our industry.
Now that we’ve looked at the benefits and potential pitfalls of contract lifecycle management systems; in this final article in the series, it’s time to consider how you integrate the investment in a new CLM system with your people and processes.
The arrival of a new contract lifecycle management (CLM) system — or any legal tech solution — comes with potential pitfalls that can diminish its effectiveness or even stop you from getting full return from your investment.
The first two articles of this series focussed on the power of aligning legal operations with business and GC strategy as a starting point for change.
Is anything more fundamental to business than a contract? It’s the tie that binds a company to a client — a mutually-agreed vow that enables the regulated exchange of products and services.
To meet ever increasing pressure to become more agile and responsive to business needs, in-house legal functions are investing in transformation initiatives. However, all too often these initiatives disappoint or fail.
A survey of law firms and General Counsels conducted by Bloomberg Law last year found that more than a third did not have a legal operations function.
It is becoming more and more frequent that businesses need to review and evaluate specific provisions in a variety of their contractual arrangements – often with speed and decisiveness.
