The impact of the novel coronavirus cannot be overstated. There’s been tremendous discussion about the myriad ways COVID-19 is changing the world and economy, and I suspect that impact will extend to the legal industry in a long-standing way. To be fair, COVID-19 accelerated some trends we were already seeing, but this increased speed could cause several fundamental changes in the way law is practiced.
One of the largest impacts will be increased interest in benchmarking. I’ve been beating this drum for a while now, writing about the benefits of benchmarking and the importance of standardizing legal data to improve the quality of that benchmarking. But with an economy in recession, corporate legal departments (CLDs) must get more sophisticated with regard to how they manage rates, AFAs, and selection of outside counsel. Even though CLD decisions along these lines are rarely second-guessed, CLDs should shoot to be able to produce the kind of objective, statistical data, including benchmarking data, that would assure a skeptical third-party auditor that the department was run like a business. That is the best way for CLDs to demonstrate they are achieving what internal business clients are asking for, which is not only legal expertise, but excellence in the business aspect of what they do.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
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]