How's Your Outside Counsel Management Program?
Last week, we discussed alternate fee agreements (AFAs); this week, we’re covering all the items needed to ensure your Outside Counsel Management program delivers cost savings.
Do You Even Have A Program?
First and foremost, do you really have an OC program? Many organizations have outside counsel, but surprisingly few have formal programs. If not, it’s time to commit to one!
OUTSIDE COUNSEL MANAGEMENT PROGRAM CHECKLIST
The top 5 elements you need in your OC management program:
Create Solid OC Guidelines: Firms need clear instructions and expectations.
Have Performance Measurements: It’s crucial to regularly evaluate firms’ quality and performance against your guidelines.
Select Firms Based on Data: Leverage firm performance and strategic goals to select firms
Implement AFAs: AFAs are crucial for controlling costs and improving predictability.
Partner With Your OC: Regularly meet with OC, let them know what’s going on, and solicit feedback.
The Power of Partnership
We’ve interviewed a number of firms about their experiences with clients, and nearly all have felt that they could deliver more value if they were treated more like partners and less like vendors.
A persistent lack of communication or participation in strategic discussions makes it tough for a firm to offer recommendations and expertise that may benefit an IP owner.
Implementing an Outside Counsel Management program can be a great opportunity to improve Outside Counsel performance and accountability for their work product, but don’t lose sight of the opportunity to broaden and deepen relationships with some of the most important resources in your IP workflow.
