Vendor Management Program: Design and Implement. COUNSELLINK.COM. Set expectations with vendors, measure results, and co
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Vendor Management Program: Design and Implement Set expectations with vendors, measure results, and communicate
Sixty percent (60%) of corporate legal departments have consolidated most of their spend to 10 or fewer vendors. Are those vendors delivering optimal results?
PROBLEM Engaging with the right law firms is critical to the success of legal departments, yet many departments lack structure in selecting firms, assessing firm performance, and providing regular feedback. Having a structured process in place provides the data and confidence needed to support your initiatives. WHAT WE DELIVER
—2018 COUNSELLINK® ENTERPRISE LEGAL MANAGEMENT TRENDS REPORT
The Vendor Management Program from LexisNexis® CounselLink® Strategic Consulting Services provides law departments with a framework to assess law firms, improve performance of firms, and showcase department value. By the end of the project, you’ll have: • A clearly defined set of expectations of law firms • A law firm scorecard containing a comprehensive set of metrics to evaluate firms • A process to regularly review firm performance and communicate with firms HOW WE GET THERE
Our Vendor Management Program consultants guide legal departments on best practices for designing a framework with this robust six-step process:
1
Meet with departmental leadership to understand strategic priorities and vendor expectations
4
Analyze historic and benchmark data to propose thresholds and targets for scorecard metrics
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2
5
Articulate expectations of vendors and recommend supporting outside counsel guidelines language
Design and develop vendor dashboards/ scorecards
6
3
Recommend best practice metrics for a law firm scorecard
Recommend a process for ongoing communication of vendor results both within the legal department and with outside counsel
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WHY VENDOR MANAGEMENT IS IMPORTANT Many legal departments have historically focused on spend management and/or matter management. But vendor management is just as important to the success of the legal department.
• Select the best mix of law firms • Manage the costs associated with outside counsel • Improve business outcomes
A properly structured vendor management process that aligns with corporate objectives provides many benefits, including:
Effective programs incorporate measurement, goal setting, review, communication, and accountability into a routine process. Why not make it easy for corporate law departments to demonstrate their value to the organization? Establishing a disciplined process to select and assess vendors provides management tools to both improve value and to demonstrate it.
• Objectively and consistently measure law firm performance • Integrate vendor management with expectations set forth in outside counsel guidelines • Strengthen relationships with law firms
CounselLink Strategic Consulting Services More mature legal departments take a thoughtful, informed approach to day-to-day and strategic decisionmaking. The Strategic Consulting Group helps corporate legal departments advance in maturity through service offerings that deliver process improvement, robust use of data, metrics and analytics, and change management.
Manual Processes
Deployed Technology
Integrated Information
Data Driven Decisions
Predictive Results
STRATEGIC SERVICE OFFERINGS • Health Check
• Budget Implementation Program
• Pricing Strategy
• Billing Guidelines Advisement
• Vendor Management Program
• Analytics Fundamentals
• Rules Optimization
• KPI Advisement
• Diversity Program
• Alternative Fee Advisement & Fee Structure Optimization
• Dashboard Advisement
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