Redefining the concept of value

Today’s legal department must have a dual focus - actual delivery and showing how the delivery translates into tangible business benefit.

Vitally, this value needs to be defined as more than a cost-saving benefit.

As legal departments find it harder to articulate their value, new ways are need to demonstrate their worth.

Our report “Demonstrating value: Making the intangible, tangible”, surveyed 342 senior counsel to explore how in-house teams are approaching the concept of “value”.

Findings show that, while the fundamental role of legal remains the same, the way businesses engage with the legal function is undergoing significant change. Company culture, clarity of purpose, strategic alignment, use of technology, application of management information and collaboration all have a role to play.

95% of IHLs state the legal department directly demonstrates value through reduction of legal risk
48% rank direct contribution to the organisation strategy
2 in 3 legal departments use volume of training and meetings attended
7 in 10 legal departments use a bespoke legal time management system
56% currently use project management systems
68% have a business related financial KPI

In this report we share learnings and practical ways for legal departments to successfully demonstrate their worth - from technologies used to deliver promised returns tobest practice strategies to measure the value of panel relationships.

Our latest In-house Insights report will be released in the coming weeks.

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Topics covered:

Technologies used by in-house teams and the rise of legal operations

Approaches to collaboration within the business and with external suppliers

The effective use of data and management information

The skills and competencies considered valuable now, and in the future

“Once you understand the key drivers for investing in a legal function, then you can define more clearly how you measure its value and success.”

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