A new paradigm has emerged for corporate legal departments and law firms, which poses cultural, operational and technological challenges for both types of organizations. With corporations demanding fiscal accountability from their in-house legal teams and outside counsel firms, procurement departments are being engaged to help law departments leverage the power of data-driven decision-making to source external legal service providers.
All stakeholders — from legal departments to law firms — must learn to address the unique perspective of corporate procurement departments. Success in this environment demands a willingness to compromise, revise or even eliminate long-standing practices in order to operate more efficiently. Ultimately, the goal for the legal department, procurement department and law firms is one and the same: to receive and deliver the highest possible value for the legal services provided.