Expertise and relationships are what matter to general counsel when choosing outside counsel. Richard Stock of Catalyst Consulting analyzes a recent study that found that these factors trump cost for in-house decision-makers. “No surprise then that 14 out of 15 successful responses to Requests for Proposals for Legal Services are from existing providers,” says Stock, despite the finding that only 17 percent of GCs think the lead firms are significantly more competitive than the others.
“Everyone wants a bigger discount and to believe that they enjoy a ‘most-favored nation’ status for the legal fees,” says Stock. But ultimately the successful procurers he says are those that come within the budgets and are predictable with respect to costs, even if that means paying 15 percent more.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
