Value: material worth, as in commerce or trade
Able: having necessary power, skill, resources or qualifications; qualified
Value-Able: having the necessary qualifications to increase the material worth of legal service in commerce
Today’s economic and financial environment mandates – more than ever before – that all corporate functions pursue efficiency relentlessly. In that context, the corporate legal function must drive toward that goal throughout its operations. The legal department and its external service providers must therefore understand how to measure and increase the value of the legal service.
Success in that regard depends upon the following: a thorough understanding of the company’s historical use of legal service (both internal and external); a strategic approach to the selection and deployment of those and other legal-service resources to serve the company’s needs in that regard; and an appreciation for the tools available that can deliver both short-term and long-term improvements to the delivery of legal service to the company’s operating units. The cost of the legal service needed for the company to deliver its products or services to the market must represent the lowest possible cost consistent with the quality and other necessary qualities for the business. In other words, the legal resources must deliver the greatest value possible to the company.
Outside legal service providers must also understand how their services can add value to their corporate clients. Many times, the value of their services is impacted – positively or negatively – by factors that might not appear clearly to them.
Lauer & Associates can assist your law department or your service provider to identify and apply the concepts of value as they relate to legal service and to maximize the value of the legal service and of the internal and external resources deployed on behalf of a company. Building on the consulting and in-house experience of Steve Lauer, Lauer & Associates provides its corporate legal clients unsurpassed understanding of their needs and the changing dynamics of the legal profession.