Will Your Firm be Fired or Hired by Corporate Counsel?

The Association of Corporate Counsel’s ACC Chief Legal Officers 2017 Survey is available for purchase.  I don’t get a dime for recommending it. But if your firm is still in the enviable position of getting work from any company’s Chief Legal Officer or minions, you need as much help as you can get in understanding what keeps them up at night. I have always been a proponent of strategic research, and this is a powerful tool to use in that regard.

Did you know that 46 percent of CLOs/general counsel (GCs) definitely or may replace a law firm for under-performance this year?   Did you know that many CLOs are now examining diversity at the firms which service them? For those who have determined that diversity is a “core value” they are looking beyond simple demographics of the firms which serve them.

In an article in Corporate Counsel Connect, Lauren Giammona, director of operations, business affairs, and legal at PayPal was quoted as saying, “We wanted to look at diversity not just in the context of how folks are staffed on matters — if you only focus on that it can be a bit of a shell game, so we wanted to look at things like who is getting origination credit, and of the management committees, how diverse are they? We found the diversity committee was tremendously diverse, but the executive committee wasn’t. We also looked at the promotions pipeline and programs offered to diverse employees. Those are the ways we measure ourselves internally and want our vendors to reflect that as well.”

Other top concerns right now include ethics and compliance, regulatory or governmental changes, information privacy, data breaches/protection of corporate data, and of course, legal spend. Since almost all of the firms which will be fired will be replaced, there will be lots of opportunity for firms of all sizes which are prepared to offer expertise combined with superior service and an efficient workflow.  Do your homework and positioning now.

 

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