According to the recently released survey by the Association of Corporate Counsel and Serengeti Law, the top priority for CLO’s, for the first time in the survey’s eight years, is “controlling the costs spent on outside counsel,” as reported in today’s issue of The AmLaw Daily.
Further, the ACC Value Index will be released today at the ACC annual conference in Boston, and consists of evaluations of a number of factors on a scale of 1 (poor) to 5 (excellent), including:
- Understands Objectives/Expectations
- Legal Expertise
- Efficiency/Process Management
- Predictable Cost/Budgeting Skills
- Results Delivered/Execution
There is a wealth of information about the ACC Value Challenge (of which the Value Index is just a part) and what it means to outside law firms. Check out the following for some great insight into how your firm can become a player in the ACC Value Challenge:
- Information for law firms and Getting Involved
- What is the Value Index?
- Resources, including “How To” Guides
What has this got to do with marketing and business development? Everything! As I have been preaching ad nauseam, there is a lot of potential work for small and mid-sized firms with ACC companies as a result of the current economy, and the high costs associated with BigLaw. Seriously.