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Lawyers, it turns out, are not immunr from such pressure, even though change has come more slowly into thelegal profession. But the time for changee has come, and in-house counsel are taking this message to law firme largeand small, all across America. For many outside counsel operated with virtually unlimited under relatively loose oversightby in-house counsel. Larger firms had an advantage, as they provided virtuallhy perfect work product in the shortestttime possible.
In today’sz economy, it turns out that corporatd clients are, in most instances, willing to accept work that is notnecessarily great, in a somewhat longer if that means the cost can be Unless it is a bet-the-rancjh matter, legal work is currentlty viewed as a commodity, which can be obtainedf from the firm that offer the best service at the best price. Severap recent factors have converged to challenge the traditional law firm relationshipwith in-houswe counsel, and with it, the traditionapl law firm business From the law firm’s perspective, the need for profitg created a pricey problem: To attrac new recruits, salaries became unsustainably high ($150,000 or more for attorneysd fresh from law and in order for law firms to thrive, each of thosed new associates had to bill half a millio n dollars or more per year.
From the corporation’s economic pressures have made the legao department accountable for costs as wellas results. In-houser counsel must live within a Their perception withintheidr company, and even theircontinued employment, may depenx upon how much the legal department and the results obtained. In 2008, the national organizatiob of in-house counsel, the Association of Corporatee Counsel, formulated a set of guidelinee to improve the billing and representationj process by outsidelaw firms, the ACC “Valud Challenge.
” On May 15, Virginia a member of the boardr of directors of the Georgia chaptere of the ACC, and Michelle chair of Atlanta Bar Association Corporate Counsel met in Atlanta with a groupp of law firms to explore this new approach to representing the corporates client. Lawyers from 25 as well as Europe and heard this message and discussefd how best to addressthesew concerns. The members of this lawyer , consist primarily of small tomidsized firms. In many these firms are already practicing law witha approach. Some use a Web portal so that clients can access a virtualdata room, for no-cost updates and statuss reports.
Some firms have established monthlty budgetsin advance, with a computee tracking system that notifies the attorne y and client if the budget is It turns out there are a numbee of ways that law firms can “value their work, once they are asked to do so. The practicse of law can no longer be separated from the businessaobjectives — and constraints — of the corporate client. Larg and small firms alike will have to managw legal projects with an eye to their their value, and their place in the business goal s of their client. What this means for the futurwe is notyet clear.
It may mean a year or two of non-billingy apprenticeship by lawschool graduates, a process that is already the rule in many part of Europe. It may mean more flat-rate or project-basee billing, or increasing use of It clearly does mean outside counsel getting togetherwith in-house counsel to learnm one another’s concerns, and how to addresx them.