Law is a business. Thats the gospel according to the in-house law departments and firms that were recognized as Value Champions by the Association of Corporate Counsel. And the leaders in keeping costs down while still achieving desired legal outcomes were happy to spill their trade secrets at a roundtable event Thursday, presented by the ACC.
There are really good resources out there to help in-house counsel focus on value, said Rockwell Collins general counsel Gary Chadick. The aerospace and defense firm paired with outside counsel from Seyfarth Shaw to implement several value-focused practices, including the waste elimination strategy Lean Six Sigma and alternative fee arrangements. Chadick frequently turned to Seyfarth Shaw partner Lisa Damon to brainstorm solutions and come up with novel arrangements for the firms services.
Damon said she sees the legal world making significant strides in the emphasis everyone places on value, but still sees room for improvement. In terms of the industry, were seeing a lot more in-house counsel turning to alternatives, and trying different kinds of alternative fees.
Rockwell Collins did a whole project around success fees, said Damon, noting the companys willingness to experiment and collaborate with the outside counsel. And alternative fees are starting to stick, according to Damon. I feel very optimistic were all moving the initiative forward, she said.
The Rockwell/Seyfarth partnership was one among the seven between in-house counsel and outside firms that the ACC named as a 2012 Value Champion. The ACC also recognized company law departments for their achievements in what Veta Richardson, ACC president and CEO called creative lawyering and good old-fashioned business sense.
Medtronics legal department was named a champion, for its 40 percent reduction in spending in the past two years, coupled with significant legal wins in that time.
Cam Findlay, senior vice president, general counsel, and secretary at the medical technology company, emphasized the need for lawyers to look at themselves as a business function. Businesspeopleits a tautologyare businesspeople, he said. They like to see other people and business functions act as businesspeople.
Since Findlay has spearheaded the legal departments move toward value-based billing, his in-house group has gained respect within the company. I would say that our legal department has never had a better internal reputation at Medtronic that its got now, he noted. I think they like the fact that were aligning the interests of the outside law firm with the interests of the corporation.
