The Point Where corporate Legal needs the services of a specialist, it should look primarily among law firm partners for the practitioner who has spent years — more typically decades — focused on the narrow legal area in which the company’s need arises (more on this here and here). Surprisingly,…
The Point D. Casey Flaherty, legal technology consultancy LexFusion’s Chief Strategy Officer, released an important essay earlier this month. Along with colleagues, he conferred with 435 corporate law departments and 250 law firms in 2022. And with 327 corporate law departments and 240 law firms in 2021. His conclusions: 1.…
The Point Some contracts are more important than others. Figuring out what’s “good enough” depends on the deal’s potential consequences — both good and bad. Some are considered “bet-the-company”. They call for a degree of quality, investment of time, and costs (especially lawyers’ fees) commensurate with their potential benefit and…
The Point “Corporate Legal”. For decades this phrase has referred to people who have been formally trained and experienced in only one discipline: law. And these people have had just one function: advice and representation on how statutes and regulations — and the courts and government agencies that apply them…
The Point Past actual outcomes should determine who your company chooses as litigation counsel. Jeff Carr breaks it down this way: “Effectiveness — was customer objective not met, met, or exceeded? “Efficiency — was actual below or above agreed budget? “Experience — Customer’s [satisfaction] with team?” The legal profession —…
The Point As both lawyer and executive I’ve seen multiple variations of this scenario: A friend heading an industry lending group at a money center bank calls me. Agitated. He and his counterpart at the potential client company have agreed on all business points for a large loan. But one…
The Point Two surveys of general counsel reported in December offer identical descriptions of the budget crisis facing corporate Legal departments in 2023: (1) From the legal system: most face increasing demands, and (2) From the C-Suite: most face cost reduction demands. In such circumstances, executive management usually asks Legal…
The Point Since I first met him 5 years ago, I’ve come to regard Mark Cohen, along with the UK’s Richard Susskind, as one of the world’s two leading authorities on the legal profession’s future. Here’s what he wrote in his most recent regular column for Forbes, entitled “Law’s Delayed…
The Point From a November 28 report in American Lawyer Media / Law.com (subscription required): “‘Surprised, Angry, Dismayed’: Legal Departments Vow to Fight Law Firms’ Rate-Hike Plans … The in-house legal community is expressing outrage that law firms will be pressing for aggressive rate hikes in 2023, even though they…
The Point 1. By long-established tradition, and (nearly) invariable current practice, only licensed attorneys serve as the CEO of a law firm or lead a corporate law department. 2. As a business lawyer who accepted a corporate client’s offer to run one of its divisions as a general manager 10…