Valuing law firm value-adds
Produced in partnership with Paul Gilbert of LBC Wise Counsel

The following In-house Advisor practice note produced in partnership with Paul Gilbert of LBC Wise Counsel provides comprehensive and up to date legal information covering:

  • Valuing law firm value-adds

Valuing law firm value-adds

How should in-house lawyers value a value-add? A seemingly inevitable feature of the law firm proposal is the inclusion of the value-add offer—a proposal by the law firm to carry out a task, or provide a resource, at no extra charge to a current or prospective client alongside the delivery of fee-bearing advisory services. Often it seems as though the value-add has been included at the request of business development professionals without enthusiasm, for the benefit of law firm partners who don’t understand why it needs to be included and to be assessed by clients who don’t really want it. All of which is set against a background where law firms are continually being asked to offer more than legal advice.

So how should in-house counsel, and other clients, gain the most from the law firm value-add?

As a first suggestion, clients should not fight shy of saying what they want law firms to provide. This does of course require them to think—and in the case of in-house counsel, ask their team and colleagues—what might be useful, an exercise which might yield wider benefits beyond reviewing the law firm proposal.

Organisations—and in-house teams—vary considerably, so their requirements from legal advice and from additional law firm offers vary too. Deciding what additional provision would be beneficial beyond mere legal advice requires firstly a careful look

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