In today’s economy, everyone is under greater pressure to do more with less. In the same economy, law firms are determined to increase their prices and profitability. While most procurement and legal departments agree that there must be a better way to manage and pay for external legal services, only a few are truly innovating. Some 85% of legal work is still purchased with a variation of hourly fees.
Go to Buying Legal Workshop - click image
Join Validatum’s Richard Burcher and Richard Stock of Catalyst Consulting to learn how you can improve the sourcing of external legal resources and ensure that you will pay the right price for the value you receive.
In this exclusive, senior-level workshop, Richard and Richard will help participants to
Customize a collaboration strategy between Procurement and Legal to get the job done
Change the law firm relationship from supplier to strategic collaborator
Understand law firm economics and pricing in 2019
Analyze and understand your legal spend in a new way
Improve scoping and sourcing of legal work
Create the winning conditions to save up to 20% on external legal spend without reliance on bigger discounts
Craft RFPs and Invitations for Strategic Pricing that resonate with all stakeholders
Transition to non-hourly fee arrangements for complex and regular work
Develop a multi-part fee negotiation strategy that is clear about what good value looks like, how to ask for it and how to provide it
Examine the critical links among records of instruction, legal project management and the cost-effective use of external counsel
Share practical examples of innovation in a confidential environment
Key take-aways from the program
This program will provide you with the skills and tools needed to
Forecast and scope multi-year demand for legal services
Predict and reduce projected legal spend
Consider 7 measures to significantly reduce external legal fees
Introduce alternative fee arrangements that will recognize value from law firms and better manage legal spend
Negotiate fee arrangements that are fair, sustainable and cost-effective
Budget complex matters using records of instruction and legal project management
Have effective conversations about sourcing external legal services
Measure the difference your actions make
Acquire proven techniques to develop your own short-term plan
Materials include presentation, a case study, 6 participant surveys conducted during the programme, articles and templates as well as resources available from the Buying Legal Council.
How to Get the Most from the Program
This is an interactive program incorporating your needs as a participant whenever possible. As an additional advantage, participants can submit questions they would like addressed up to 14 days before the session by sending them to Richard Stock at firstname.lastname@example.org and Richard Burcher at email@example.com
Most of the material will be distributed by mid-May since advanced preparation is advised.
Burcher is a former New Zealand practicing lawyer and managing partner with over 35 years’ experience. Richard now devotes all of his time to legal services pricing consultancy work and is widely regarded as the leading international authority on pricing legal services. His pricing consultancy services and speaking engagements take him throughout the UK, North America, Asia, India, Europe and Australasia. He has worked with over 300 law firms in 22 countries.
Visit www.validatum.com for more information.
Richard G. Stock M.A. FCIS, CMC – Partner, Catalyst Consulting
Richard has been working with sourcing professionals and lawyers for more than 35 years – first as a client representative, then as a legal executive with a multinational law firm, and for more than 25 years as a legal services management consultant. He has been a member of Buying Legal Council for 5 years. Richard has developed and managed 120 RFPs and ISPs for more than 100 companies. He has negotiated arrangements with more than 350 law firms (20 firms in the UK) covering 125 countries. Visit www.catalystlegal.com for more information.
Who Should Attend?
This workshop has been structured in a way that is designed to be highly relevant to and actively involve experienced procurement professionals and senior legal executives in the company
law firm business development and bid professionals and client relationship partners
This event is offered by the Buying Legal Council. The program, content and takeaways are structured in a way that is designed to provide equal benefits to Sourcing, Legal Department, and Law Firm stakeholders. It also provides a rare opportunity to discuss pricing and broader legal economics and management issues with peers in both a plenary and task-based environment.
Dates, Times and Locations
This workshop takes place in London on Wednesday, 12 June 2019 (9:00 - 16:00).
Freshfields Bruckhaus Deringer
65 Fleet St
London EC4Y 1HT, UK
Early Bird Pricing (for first 15 registrations) GBP 595
Full Price GBP 695
Please email Silvia if you have any questions about the program. For billing inquires, please email Doria.