;improve the way legal services are purchased and delivered, and
;focus on results and outcomes that add value for the corporate client.
If you have not yet been asked to focus on these goals, chances are the request – or mandate –
will come soon. That, precisely, is where this resource can help.
Whether you are new to value-based fee structures or have already implemented
aspects, this resource can help improve your approach and strengthen your results. The
potential benefits are immense.
A word of caution, however, is also warranted here. The initial shift to value-based fee
structures is not easy – few worthwhile things are. This “how to” document assumes that your
organization has already evaluated the potential ROI and approved the investment of time and
effort required to achieve these larger goals. If you have not done this – if you lack broader
commitment and “buy in” – then seeking to implement value-based fee structures on a broad
scale is a tricky proposition. Instead, the advisable approach would be to pick one or two
matters and build success more gradually. Either way, if you invest the time to do this correctly,
you can deliver great returns to your company while maintaining high quality legal services. And
you will become a better manager and guardian of your client’s resources and trust.
While these issues can be sliced and diced in any number of ways, we would offer this
paradigm as a practical frame of reference and starting point to taking action. We’ve divided
this complex issue into six key steps that we believe offer a path to successfully executing
value-based fee structures in the context of legal services, and suggest accomplishing them in a
particular (logical) order. These are:
;Defining . . . value
;Scoping . . . the work to be performed
;Assessing . . . who is best-suited to perform this work, on what terms
;Implementing . . . effective fee terms and management processes
;Managing . . . the legal work and the project coordination, and
;Evaluating . . . the quality of results and processes
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