1. Conduct a Legal Spend Assessment An assessment of your organization's historical usage of Outside Counsel is a valuable process to better understand the amount of work you allocate to certain firms, what matter types are business critical, and the average hourly billing rates for the lawyers, among others. This exercise allows visibility to spend patterns and where certain opportunities such as benchmarking hourly rates, implementing Alternative Fee Arrangements (e.g., fixed matter prices, blended rates), leveraging alternative legal service providers for less complex work, and consolidating the number of firms used. 2. Implement a Preferred Panel Program Best-in-class legal operations will include a list of their go-to preferred firms utilized for specific areas of work. Depending on the size of the legal function, it can be a concise list of firms that you will have agreements in place with and to be used frequently. This can be a robust process conducted with an extensive RF(x) where firms will put their best foot forward in terms of competitive pricing, offerings such as annual rebate programs, established Relationship Partners, and Quarterly Business Reviews (QBRs). 3. Adopt Legal Technologies Installing legal technologies in your organization can improve the efficiency and productivity of your operations. The marketplace for these tools is growing rapidly as businesses realize the opportunity to automate routine tasks such as document management, e-discovery needs, and contract analysis, while also being affordable to implement and maintain. Primary tools like a matter management system provide the tracking of matters and their results. These tools provide access to data analytics that assist in decision-making efforts and visibility into matter details. The relative nature of legal can be highly confidential as well and technology improves the necessary security for sensitive information. 4. Employ a Matter Bidding Program A matter bidding program will ensure the most competitive pricing available for when matters arise and help with control costs as matters run much longer than expected and can be key to get in front of from the onset. A key benefit of this program is the establishment of all agreed upon terms such as rate cards and caps on the overall cost of a matter or specific lawyer that works at a higher hourly rate than others. 5. Run an Internal Workload Survey It can be a healthy exercise to gather feedback from your internal lawyers on what types of activities they do on a weekly basis and other general thoughts that they may have to improve the department. Based on the results from the survey, leadership can take a more guided approach to how work is internally allocated and where innovations may be applicable. By Zach CorningZach Corning is a Senior Consultant at Treya Partners. Zach has over 8 years of management consulting and operational business analytics experience, with a focus on procurement and strategic sourcing. He uses a methodical approach to create cost reductions and operational improvement. He has a breadth of experience across many industries and spend categories and is focused on driving solutions and client outcomes that achieve measurable results.
0 Comments
In today's competitive business landscape, marketing is essential for growth and success. However, with the ever-increasing pressure to deliver results and the need to optimize budgets, marketing procurement has become a critical aspect of any organization's strategy. By implementing effective marketing procurement best practices, companies can decrease costs and improve their return on investment (ROI). In this blog post, we'll explore three key strategies to achieve these goals.
Marketing procurement best practices play a pivotal role in reducing costs and enhancing ROI. By consolidating vendors, strategically sourcing suppliers, establishing performance metrics, promoting transparency, and embracing technology, organizations can optimize their marketing spend and drive better results. As marketing continues to evolve, a proactive approach to procurement will be essential for staying competitive and achieving sustainable growth. If you are interested in learning more about improving your marketing procurement practices, the Treya Partners team is here to help! https://www.treyapartners.com/contact-us.html About the AuthorThomas Walsh is an Analyst with Treya Partners focused on procurement and supply chain improvement for private equity backed clients. During his career, Thomas has provided procurement and strategic sourcing services across multiple industries including Pharmaceuticals, Medical Devices, CPG, Tech, and Manufacturing. Thomas has addressed numerous spend categories with a area of expertise in marketing procurement. Project results include: |
Categories
All
|