Big Law and the “Value Revolution”
On September 26th, ACC is planning a live webcast seminar to introduce its "value revolution," designed to teach about lowering large law firm fees to corporate clients.
I’ve heard about the revolution before. In effect, large law firms fear, with some justification, that it is nothing more than an attempt to reduce their fees. It does nothing to help the large law firms deal with their costs of operation, it does nothing to address what the appropriate net profit margin should be and it does nothing to help large law firms operate more efficiently. It merely states that the large law firm must reduce its fees.
If corporate counsel truly wanted reduced costs, they would move away from the large law firm and invite the larger regional law firms or even the smaller firms (that make up more than 70% of the legal profession)to participate as their outside counsel. There are many outstanding lawyers in these environments, even many who have left "Big Law" and fully understand the corporate environment to be able to adequately serve their special needs.Tags: Cash Flow - Finances, Management, Marketing