Zaven

Fee certainty is a top priority for clients, but offering predictable fees upfront can be challenging for law firms given unpredictable factors. While fee negotiations require transparent conversations some lawyers prefer to avoid, they present an opportunity to build trusting relationships. Download the full report here: https://lnkd.in/eV24iV_i #LegalTechTalk #Research #LegalTech #Legal #Collaborations

While online meetings have become more prevalent since the pandemic, there are still several potential values to having live, in-person pitch meetings. “The process works better when there is an opportunity for direct interaction either live in person or by video conference. You often find yourself in a situation where there is ambiguity in the RfP or even worse, the RfP is completely clear but doesn’t fully capture the client’s expectations and needs. Only through sitting down and walking through the questions and answers can you can fully understand the client’s focus. That’s equally important for the client and the firm.”- Michael Gerstenzang, Managing Partner at Cleary Gottlieb Steen & Hamilton LLP. Find out more in the report 'Secrets to Successfully Sourcing Legal Services' here: https://lnkd.in/eV24iV_i #Zaven #Procurement #LegalTech #Legal #Collaborations

While the involvement of procurement professionals is long established in many other areas of business, it is still relatively new within most legal departments. In today's landscape, the legal counsel and procurement partnership is pivotal. Procurement brings expertise in decision frameworks, risk management, and mitigating biases. Legal provides deep knowledge and accountability. For this alliance to provide value, mutual understanding, and the right collaboration approach is crucial. If you want to see the full report, download it here: https://lnkd.in/eV24iV_i #Legal #Legaltech #Procurement #Counsel

Fascinating analysis from Bruce MacEwen on the state of the legal industry in 2024: For 15 years, lawyer headcount growth has outpaced demand growth at large law firms Productivity per lawyer has been consistently declining Firms are collecting only about 90 cents on the dollar of their standard rates "Dynamic" firms outperforming on key metrics through more businesslike approaches Generative AI poised to disrupt the industry further Key takeaway: Law firms face major challenges as supply growth outstrips demand. Those taking a more businesslike approach are faring better, but the entire industry may need to adapt rapidly as AI reshapes legal services. Thoughts on how firms should respond to these trends? https://lnkd.in/eNk2prjp #Legal #Legaltech #Procurement #Supplydemand

When it comes to managing an organization's legal needs, building an effective panel of law firms is crucial. But how do you construct a panel that covers all bases? 🤔 Consolidation offers economies of scale, deep institutional knowledge, and streamlined management. On the other hand, diversification provides specialized expertise, varied perspectives, and localised capabilities. Building an optimal law firm panel requires a thoughtful, data-driven process tailored to each organisation's unique needs. As the legal industry evolves, firms are innovating through right-shoring strategies and technology adoption to retain high-value work while delivering efficiency. How does your organisation approach panel selection and management? If you want to see the full report, download it here: https://lnkd.in/eV24iV_i #Legal #Law #Legaltech #Procurement #GCs

What changes do you foresee in the client-attorney relationship of the future? That's exactly what we discussed in our panel, ‘The Future of Client-Attorney Relationships’. How will client expectations shape the future of legal services delivery? What strategies can enhance client satisfaction and collaboration? And what's the impact of leveraging digital tools like client portals and virtual meetings to improve accessibility, efficiency, and transparency? Thanks to all the panelists! - Hannah Strawbridge, Founder and CEO of HanLawCo - Chris Grant, Head of Legal Market Engagement at HSBC - Margaryta Sivakova 🇺🇦, Co-Founder and CEO of Legal Nodes - Peter Lee, CEO of Simmons & Simmons, Wavelength #LegalTechTalk #LTT24 #Zavenlegal

Does the hourly rate “perpetuates unfairness, overwork, and inefficiency”? Damian Guzman (Founder at EnigmaTech Legal) articulates his views in his interview with Olga V. Mack from Above the Law. Guzman argues that the current system "perpetuates unfairness, overwork, and inefficiency" for both lawyers and clients. Guzman's solution? His company EnigmaTech Legal and nonprofit AethraGroup aim to align interests between lawyers and clients from the start through transparent pricing, and to create a collaborative network of independent practices. The goal is to provide the expertise of a large firm at lower cost by reducing overhead and partner profits. Guzman envisions happier lawyers working fewer hours for similar pay, and savings of up to 60% for clients. While questions remain about scalability, Guzman's model offers an intriguing alternative to the status quo that warrants further discussion and exploration. In an industry often resistant to change, voices like Guzman's challenging assumptions are vital for moving the legal profession forward. https://lnkd.in/eeY9GcCt #Legal #Legaltech #Procurement #Billablehour #Law

When it comes to managing an organisation's legal needs, building an effective panel of law firms is crucial. But how do you construct a panel that covers all bases? Consolidation offers economies of scale, deep institutional knowledge, and streamlined management. On the other hand, diversification provides specialised expertise, varied perspectives, and localised capabilities. Building an optimal law firm panel requires a thoughtful, data-driven process tailored to each organisation's unique needs. As the legal industry evolves, firms are innovating through right-shoring strategies and technology adoption to retain high-value work while delivering efficiency.2 How does your organisation approach panel selection and management? If you want to see the full report, download it here: https://lnkd.in/eV24iV_i #Legal #Law #Legaltech #Procurement

Did you see our recent post breaking down key considerations for in-house legal teams when looking for law firms? We asked a few senior professionals in in-house counsel and private-practice roles and procurement specialists for their thoughts. Hear from some of our contributors, including: - Ana Buitrago, Senior Advisor, Innovation, Transformation, LegalTech at PwC and former GC at Amazon - Cameron Smith, Senior Partner, Indirect Procurement at Novartis - Laura Nicholls, Chief Client Officer at Clifford Chance  - Michael Gerstenzang, Managing Partner at Cleary Gottlieb Steen & Hamilton LLP  - Eleonora Claudia Melato, General Counsel Global Corporate & Commercial, Assicurazioni Generali If you want to see the full report, download it here: https://lnkd.in/eV24iV_i #Law #Legal #Procurement #Legaltech #Innovation

As legal demand in the UK market continues to recover, law firms and their corporate clients are facing additional challenges and opportunities around AI and ESG Following a pattern set in 2022, corporate clients based in the United Kingdom started 2023 on a generally positive note, with nearly half predicting an increase in their legal spending at the end of the first six months, compared to one-quarter who were forecasting a spending dip. However, according to the Thomson Reuters Instititute’s newly published 2024 Report on the State of the UK Legal Market, this net spend anticipation (NSA) fell sharply in the third quarter of 2023, before recovering to end the year on a much stronger note. Read it here: https://lnkd.in/eePk5HiR #Legal #Law #Procurement #UKmarket #Risk