PROFESSIONAL SOURCING AND MANAGEMENT OF LEGAL SERVICES
2018 Buying Legal Services Survey
More Savings, Better Quality: Procurement Drives Value
Buying Legal Council, the international trade organization for legal procurement, just launched the 2018 BUYING LEGAL SERVICES SURVEY- Insights into Legal Procurement.
The Survey examined the purchasing behavior of 153 legal procurement professionals, focusing on purchasing decisions, cost control, analyses, and trends.
With procurement’s involvement, companies save 14.6 percent of legal spend. When procurement is well aligned and works in partnership with the in-house law department, companies save 21 percent on average. For a Fortune 500 company incurring legal fees at 1 percent of revenues, this savings translates into millions of dollars of incremental earnings.
Now is the time to begin the legal procurement journey. It takes time to drive value: Quick stints in the legal category are insufficient. Legal procurement professionals contribute the most after five years of buying legal services.
The procurement professionals’ job is multifaceted. Procurement professionals negotiate discounts, issue RFPs and outside counsel billing guidelines, establish panels and lists of professional provisions, require eBilling, negotiate fee arrangements, and apply a tool chest of process improvements.
The top legal procurement goals for 2018 are (better) capturing and analyzing spend data as well as reducing legal spend.
What's in the Survey:
KEY BENCHMARKS: Savings, Spend, Number of Providers
PROCUREMENT TOOLS & TACTICS: Most used, most efficient, fastest growth
PROCUREMENT GOALS & PREFERENCES: Predictability or low fees?
SUCCESS REPORT: Procurement drives value
REGIONAL DIFFERENCES: NORTH AMERICA - EMEA
Please fill in this form to obtain your copy of the 2018 Buying Legal Services Survey Findings and Info Graphics: