You get results
“[Smarter Law]..doing more with less applies to inside lawyering (more legal coverage with less headcount and less cost) and to inside lawyers' relationship to outside firms (negotiated cost savings that are "win-win")”.
Ben W. Heineman, Jr, Former GE Senior Vice President for Law and Public Affairs and
Distinguished Senior Fellow at Harvard Law School's Program on the Legal Profession
Avis' Changed Approach to Legal Work Has 'Saved Millions'
Through a reimagining of its legal spend, Avis' legal department has taken law firm convergence to the next level.
Corporate Counsel February 2018
[Avis'] application of..Smarter Law..is holding up three years later. Avis’s provision of services to the business clients is well aligned to corporate strategy and priorities, and their radical outside counsel convergence, along with conversion to new pricing models, is persisting. [A]ll of the law firms are renewing, so the stated goal of achieving a “win-win-win” in the Smarter Law Firm — Client Relationship section has been met. Looking at a real world success of implementing.. Avis reduced cost by 30 percent after enlisting [Smarter Law Solutions] to conduct an independent assessment — [the] case has been made and proven.
ACC Docket Vol 37, Number 6. 26th July 2019
Consistent cost reductions of between 27-40% and up to a 60% reduction in litigation volume.
Compliance levels measured by the Corporate Governance Index increased by 500%
A Magic Circle firm reduced lost fees totalling 15% of revenue.
"On Notice: Teva’s Entire $330m Legal Spend Could Go To One Law Firm"
The Legal 500’s publishing director David Burgess speaks exclusively to chief legal officer David Stark about the overhaul of external legal relationships being undertaken by Teva Pharmaceutical Industries, as the company is set to slash its roster of firms.
"We wanted to have transparency. [T]here have to be smarter approaches. Firms we instruct need to have flexibility and be rate competitive.. it won’t be less money, more work, but instead more certainty around a broader bucket of work for the preferred firms. There will be benefits for the company…and there will definitely be some lessons learned."
David Stark, EVP & Chief Legal Officer, Teva Pharmaceuticals Ltd.
Tender processes where the client was able to pay its law firm bidders more than their proposals and still reduce its spend by 44%.
Around 9 out of 10 individuals involved in the direct implementation of a Smarter transformation have received a promotion, bonus, award or some other sought-after advancement.
A "White Shoe" law firm increased its share of wallet in one major client industry sector by 300% in 12 months - at increased profitability - following a Smarter Law transformation of its pricing, marketing investment and business intelligence strategy.
See: The Tyco-Eversheds deal - from whiteboard to renewal
See: Eversheds' Tyco Model sparks quiet revolution
The ground-breaking convergence of law firms used from 282 to just 1, pioneering legal work disaggregation and win:win alternative fee arrangements.
A client paid its law firm $4.75M for work that only amounted to $350,000 of their billable time and still saved itself $73M.
Technology solutions with a return on investment of 507%.
The business development techniques that grew the Big 4 professional services firms to over $30Bn in revenue effectively cost nothing for law firms to implement.