“[Smarter Law]..the holy grail of business productivity - 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
A Magic Circle firm reduced lost fees totalling 15% of revenue.
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.
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.
Technology solutions with a return on investment of 507%
Tender processes where the client was able to pay its law firm bidders more than their proposals and still reduce its spend by 44%.
Consistent cost reductions of between 27-40% and up to a 60% reduction in litigation volume.
[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