Corporate Law Departments Embracing More Risk and Using Data to Control Costs and Drive Law Department Management
Targeted News Service |
General counsel at Fortune 500 companies, multi-national corporations and small law departments are assessing risk and using data-driven performance metrics to control costs and align team efforts with corporate strategy, the
ACC recognized 11 corporate law departments and five law firms and legal service providers for their strategic approaches to increasing client satisfaction and enhancing the value of legal service spending. To do so, they applied original solutions and technology to reduce turnaround times and costs. The accomplishments were honored as part of the ACC Value Challenge (http://www.acc.com/valuechallenge/), which promotes adoption of management practices that reduce spending and yield better outcomes and higher predictability.
Most of this year's honorees, which include companies from the technology, finance and auto manufacturing industries as well as organizations headquartered in
"The 2014 ACC Value Champions demonstrate that corporate counsel today are active contributors to business strategy and operational goals," said
This year's Champions also deployed value practices in areas of law that traditionally rely on outside counsel support and large budgets, including compliance, litigation and mergers and acquisitions (M&A) work. One company improved its budget accuracy by 30 percentage points for M&A projects, while another saved nearly
Winners pioneered new technology systems that helped them evaluate and calibrate effort to risk, in one instance cutting the time to review low-risk documents by 50 percent. Elsewhere, new collaboration platforms enhanced team flexibility and knowledge sharing. With resulting time savings, lawyers at one company were able to insource 44 percent more work, and devote additional time to employee training, helping reduce instances of employment litigation.
"Many of the Value Champions have used technology in unprecedented ways to bring simplicity to previously burdensome and expensive processes," Richardson said. "We see these often proprietary models as a sign of what 21st century law departments can accomplish when they address their workflows in fresh ways."
ACC recognizes the following 2014 ACC Value Champions, who were selected by a panel of in-house counsel judges, from a group of 83 nominees:
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[Category: Law/Legal]
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Copyright: | (c) 2014 Targeted News Service |
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