Originally published in Legal Management
January/February 2011
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Challenge, a concerted effort to emphasize the importance of lawyer cost management. It is an ambitious undertaking, particularly since the ACC has developed a Value Index that enables corporate counsel to assess and apply statistical rankings to such law firm performance measurements as responsiveness, adherence to budget, staffing ratios, frequency and thoroughness of communication, expertise and results. Corporate counsel want more professionalism about fees, better communication between the corporate client and its law firm, and less emphasis on increased profits per partner. The objective is lower costs, and law firms will increasingly feel the brunt of that effort, but to how much is still unclear.
