General counsel say they want efficient and tech-savvy legal services from their outside counsel. But when awarding work, GCs will usually pick firms that previously worked on their matters over ones that are potentially more innovative. Still, some industry observers noted as legal tech experience grows, the use of software may play a bigger factor in hiring.
“Even when law firms do a RFP [request for proposal], the incumbent firms do retain a big advantage just because they are a known entity and they were chosen [previously] for a reason,” noted Jason Winmill, managing partner of corporate law department consultancy Argopoint. “A new firm does need to bring something compelling to the table.”
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