Tying Outside Legal Costs to Value

Tying Outside Legal Costs to Value

As a result of the changing face of the legal profession and particularly the impact of the worldwide economic crisis, General Counsel, Chief Legal Officers and other in-house contractors of outside legal services are being compelled to take on a new and unexpected role:  market maker and change agent.

Rather than being passive consumers of legal services as shaped and billed by outside counsel, CLOs find themselves in a new position with unexpected leverage: at the forefront of a major sea-change that positions them to call the shots, configure the product, define the lawyer-client relationship, and control pricing as never before.  The practical question is how readily they embrace this power and how effectively they learn to use it.

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