All legal matters that you deal with, whether internally or externally, for part of a wider project. To assist you with that project, and to ensure that it is delivered on time and on budget, legal project management should be utilised. Legal project management principles reduce the risk to you of project and budget overrun.
Having your internal team use legal project management will ensure that all the stakeholders in a project and your external lawyers will have a common goal of ensuring that the project is scheduled and tasked properly, and finishes on budget and on time.
We can work with you to implement legal project management internally and to assist you implement it across your external lawyers.
How do you you evaluate each of these factors? To increase the value that your external lawyers provide Lexcel will work with you to evaluate those providers. At every instance we will be guiding you as to the overall value of your external lawyer taken into consideration quality, risk, and costs.
“More for less” is a phrase that scares external lawyers. It should be a core tenet of your in house team. This is not to say that you are not prepared to pay for value. However, you and your business did not want to pay for external lawyer work which is low value.
If you reduce your legal spend but keep the same overall outcomes you will be delivering value to your business, and keeping your chief financial officer happy. But how do you do it? It can range from detailed scrutiny of external lawyers’ legal bills to understanding what legal work can be done in-house or could be outsourced to an alternative legal provider. Utilising Lexcel’s knowledge of both sides of the legal market you can begin to reduce legal spend.
With more emphasis being placed upon corporate counsel to control external legal spend new skills need to be acquired to meet this demand. One of these skills is to understand how legal services are priced by your external counsel. If you don’t know how they price the work that they are selling to you, how will you know if the price is good value? How will you deal with the multitude of options from value pricing to the varieties of alternative fee options?
Training is the key. The more knowledge your team have about the options available the greater the value that your in house team can deliver. Lexcel has tailored workshops to upskill your team.
Procurement adds value to your business. If corporate counsel are in alignment with procurement then excellent results can be obtained for the business when procuring legal work. To reduce the risk of misalignment we will help you article your needs to your procurement team.
“I approached Paddy to help me improve the pricing of my legal and consulting services. We worked together to more fully understand the value that I created for my clients. This resulted in a more appropriate pricing strategy, and ultimately a new business opportunity was taken by me. With his knowledge of how law firms work, and why clients hire lawyers, Paddy was insightful. Overall, the project was completed on time, on budget, and to my satisfaction.”