Value-added. High-value. Shared value. Business value.
We tack some form of this often reviled buzzword onto virtually every activity these days. And no small wonder, it’s what corporate counsel are keyed into. Delivering value overtook cost control as corporate counsel’s most important goal in 2013. In 2014, more CLOs have joined the march. Fully 41% of corporate counsel look to add more value to their business in 2014; up from 32% in 2013.
So why is “value” still perceived as a buzzword, rather than a necessity of business?
CLOs say most law firms are still in the dark on what their clients consider truly valuable. Hint: it’s not exemplary legal skills. Doing what you were hired to do is not value-added to clients.
CLOs are thinking about getting products to market faster, anticipating regulatory hurdles, improving IP protection and getting deals done faster with improved diligence. You add value when you help your client achieve these objectives.
All signs indicate corporate counsel are not getting the value-added service they had hoped for from their firms—so they’re taking it into their own hands:
Legal departments are bolstering their internal resources
- New attorneys and larger budgets in-house show corporate counsel are tackling ways to deliver value themselves
New leadership at the top is a sign of more change on the horizon
- 10% of companies report having a new Chief Legal Officer in place—and they are hungry to drive value in their legal departments
You can learn more in our complimentary BTI Benchmarking Corporate Counsel Management Strategies 2014. This report explores how and why corporate counsel are changing their approach to managing the legal department to meet new demands.