'Speaking the Same Language': Leaders From Big Law Make the Case for Metric Sharing

Companies and their outside counsel are both collecting useful information that they're not sharing with one another. Should both parties be more transparent to achieve their goals?

, Legaltech News

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Companies and their outside counsel are both collecting useful information that they're not sharing with one another. Should both parties be more transparent to achieve their goals?

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  • Suzanne Rose, Legal Spend Management Consultant

    Thank you for this timely article. I am a proponent of transparency between a Law Firm and their Client on matters on which the Law Firm is working on their behalf. I understand Ms. Stark’s reluctance to provide this transparency when the information is provided to the Client without context. However, law firm metrics shared with the Client via a one-on-one discussion will allow for explanation and clarification to the Client’s interpretation of the data AND assist in building a foundation for a long-standing client/law firm relationship. e-Billing tools, though the bane of the Law Firm’s existence, have historically been the best mechanisms for capturing legal data. The accuracy of the data is high, though will vary depending upon the methodology and process each of those solutions employs to capture the data. Not all e-billing solutions are alike. As to Fixed Fee arrangements, law firms should require their timekeepers to record their tasks and time spent, just as they do for hourly fee arrangements. The Client and Law Firm will want to review the agreement at various points in the relationship to be sure the agreement continues to produce a quality representation at an effective cost point for the Client and at a desirable profit margin for the Law Firm. The matter detail will be necessary to achieve a fair agreement. Finally, in my experience the Client wants a small panel of firms to partner with them in managing their legal spend, one of the largest expense line items in their company’s budget. Law Firm transparency in the work being performed and billed will contribute to a relationship of mutual trust and benefit.

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