A white paper from Huron Consulting says this may require a fundamental shift in how law firms think of themselves - from subject matter experts who must do everything possible to address the legal issue presented, to service providers who must give the clients what they actually want.
Best value
The article - What General Counsel Want (and Need) from their Law Firms and Other Service Providers - recounts the tale of a general counsel who recently told a group of Huron Legal Consultants that when he hires outside counsel, he looks at it as a business-to-business transaction. ‘He is not necessarily looking for the best lawyer or the best legal advice – he is looking for the best value, which includes a balance of price and quality’, the article says.
A real transformation
It goes on to say that the time has come for a real transformation in the legal industry and that external legal service providers have lagged behind, with most changes incremental and generally not sustainable. ‘The legal industry should forge a new supply chain with new service delivery models and new financial and risk-sharing models, without forfeiting the relationship of the old models,’ Huron Consulting maintains.
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