Corporate lawyers in London – Delivering business value using law.

Conservatively, big size law firms and corporate legal sections have cultivated a close relationship—one that is rested on both trust and regulation. Clients rely on corporate lawyers in London to distinguish legal limitations and the risks linked with miscalculating them; counsel are under a professional pressure to determine and raise potential problems and to manage them knowledgeably and thoroughly. Most corporate legal work is outsourced, as it’s not affordable to employ enough in-house lawyers to meet companies’ various needs. And work is allotted by in-house lawyers, most of whom started their careers and were trained at law firms.

That stark relationship is being altered. Company executives are much less patient with the status quo than they used to be; there’s a typical sense that lawyers and their fees are out of control. It’s not just the size of any specific bill that irks executives; it’s that they feel they have little effect over what they spend and what they get for it—and that the accountability seems to be much less than what most other business services provide.

Executives today have a lot more choice about how to get their legal work executed. Corporate lawyers in London can use technology to support pretrial finding and automate some basic tasks, bring in high-end temporary lawyers to handle major projects, and send routine processing work overseas. These and other dramatic changes are affecting the practice and business of law across the globe, but particularly in the United States and the UK, where most of the world’s largest law firms are based.

It’s our belief that corporate legal departments are at the risk of missing an important opportunity. Far too many of them are looking for relatively small, short-term savings, and doing so in a way that could critically damage key relationships. Corporations should set for bigger aims. This is a once-in-a-lifetime chance to perform four big things: (1) Allot legal work to the providers best matched to a specific task, rather than paying a premium for one-time shopping; (2) lower legal costs without compromising quality; (3) foster greater transparency and accountability; and (4) get greater value from in-house counsel.

When your company or your division lead to litigation, faces investigation, becomes party to a complicated transaction, or just seeks to enhance compliance with a dizzying range of cross-border regulations, you often need external legal assistance. At that stage you’re supposed to lose control over who is put on the assignment, how long it will take, and what the outcome and the ultimate cost will be. It would be difficult to argue that cost savings should be the top priority at “bet the company” incidents, but most legal matters are more routine than that. And even large, complex issues can be divided into discrete tasks, many of which don’t require senior-level attention. Consider document review for pretrial discovery, or due diligence for a bigger transaction: Both can be done more effectively and just as effectively by other service providers. Why, then, have companies been sluggish to welcome change in those cases? 

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Created on Oct 19th 2019 04:03. Viewed 460 times.

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