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To provide a structured framework to the concept of how legal teams approach value creation, LexisNexis commissioned Cranfield Business School of Management to develop the Value Framework for legal departments in the LexisNexis In-house Insights report “When being a good lawyer is not good enough”.
The framework identified five key activities for legal teams that truly create value for organisations - and increase the influence and impact of the legal team. Four of the activities can be ranked in an escalating order of importance. The fifth, “Being an ethical champion for the business” is considered separately.
Our most recent research " Demonstrating value - making the intangible, tangible", identified that there has not been a demonstrable change to foundations of the Value Framework. However, there has been a definite shift in the approach of legal teams in the activities undertaken at each stage – most notably in how in-house counsel look to drive revenue opportunities for their organisations.
Watch our short three-minute video in which Mark Smith Director of Strategic Markets at LexisNexis summarises the 5 key value driving activities of the Value Framework.
He also presents data from our latest report that describes how legal departments are evolving and what you need to know to ensure you are not left behind.
Legal as a strategic asset vs an assurance function
There is little doubt the role of in-house lawyer is becoming more critical and potentially much more influential. Our latest in-house market insights report revealed that more than two-thirds of general counsels have a business-related financial KPI. Further 86% of GCs now sit on, or report into, the board – regardless of team size.
However, while the number and quality of in-house lawyers continues to increase, often the impact of the legal team is muted.
Overwhelmed by day-to-day fire-fighting, operating in complex, fast moving corporations with rich webs of stake-holders and global supply chains, and constantly being reminded of the need to do “more with less”, perhaps this is understandable.
Further, despite the vital role in-house counsel play in how organisations create value, how this happens is often not understood both by the employing organisations and the in-house lawyers themselves.
Read the full report: Demonstrating value – making the intangible, tangible
Read our latest report in which we identify the activities that provide higher value and increase the influence and impact of the legal team, and share practical insights and approaches used today by legal departments to create value in each of these areas.
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