Companies can employ process management techniques to run more efficiently and reduce future legal costs. Among the many steps a company can take in this regard with respect to legal services are the following:
1. When selecting outside counsel for potential future litigation, encourage competition, which may include requests for proposals (RFP’s) from several firms to ensure you partner with a law firm that understands your unique business realities, and are therefore a trusted resource for a long term relationship.
2. Where appropriate, and considering your unique business realities, seek legal fee agreements that best meet your long term strategies. Work closely with your outside legal teams to establish contracts that are based on either an hourly fee, alternative fee arrangement, flat fee, volume discount, bonus for settling matters quickly, or a myriad of other options that are available. This may result in the more efficient handling of legal matters in a way that fits closely with your long term business strategy. Engaging your outside counsel during your long term strategic planning, including a consideration of fee agreements, creates trust and confidence that all members of your team are striving towards the same corporate goals.
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