LegalBusinessWorld Posts

2018 Buying Legal Services Survey

Legal procurement is no longer an unchartered territory: Following top management’s

mandate to not only reduce spend but to also drive more value from law firms and legal

services providers, by increasing the quality of work within legal spend, procurement has

clearly demonstrated its own value contribution. The majority of legal spend is now under

(some) review and active spend management. A relationship-only business approach to buying

– and selling – legal services is now a small minority among the largest spenders. It is replaced

by a professional, business-driven approach to sourcing.

 

After early wins, there are still many opportunities for legal procurement professionals to create

value to help save their employers money. Best practices are clear and common. It is not just

about savings. Legal procurement can drive work to providers that deliver a better outcome,

higher response, and savings.

 

For firms, the pressure is on now more than ever. Clients continue to reduce the number of

firms they work with. React now or watch your competitors win lead positions with clients you

took for granted. It is both a threat and opportunity for the legal community. Winners will

respond and deliver better results at lower costs.

It’s a time of dynamic change in the legal market. Thanks to the hard work of many, we now

have a roadmap to a better future.

 

The themes of this year’s Survey are:

• Procurement’s impact and value realized

• Confidence and partnership between procurement and law departments deliver results

• No looking back as the market for legal services gets defined by metrics, annual commitments to improvement, and continued education

 

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