7 B. Define and scope: Clarifying roles, requirements and desired
As we have mentioned in general terms in Chapter 3, when it comes to value-based
fee (VBF) projects, first, it is important to define the roles, requirements, objectives and desired
outcomes. What’s your precise definition of success-- in 12 months, in 24 months? What is your
vision of success?
If your legal function is under budget pressure, make sure that your objectives are acceptable
to company or legal function leadership before you get too far into this process. To complete the
defining and scoping stages, you must make decisions on:
•;areas of legal work you plan to cover in the VBF project;
•;individuals inside and outside the company who will need to change their processes or
approaches to realize your objectives; and
•;measurements to demonstrate qualitative and quantitative progress in reaching objectives.
As you “drill down” to provide more detail on where there may be
the best opportunities for value-based fees, the next step is scoping the work
to identify what needs to be done to achieve that success.
ACC Guide to Value-
Based Fees – 2010
When it comes to the budget, you no longer have to rely on a gut
feeling that it “looks right.” Instead, an increased level of detail serves as a
foundation for sound project management within legal matters. This may
represent more administrative effort than some of us are accustomed to, but
the two concepts are inextricably linked. You cannot achieve effective value-based fee structures without effective project management. If you don’t know
the various components of what you are buying, how do you know how much
they should cost as a finished product?