Jason Winmill is a Partner at Argopoint Consulting LLC. Argopoint has designed legal sourcing approaches for leading Fortune 500 companies that have been nationally recognized by The Wall Street Journal, Bloomberg News, and the Association of Corporate Counsel.
This is the fourth and final post of this series. Just joining us? Click here to read Part 1, Part 2, and Part 3 .
What’s Next for Legal Sourcing
Much has changed in the legal category landscape in just the past few years. Leading companies are not only blazing new paths but are also solidifying gains and building on previous successes.
IBM’s Paul Ashley believes outside counsel can be a critical partner. He explains that, “if you develop good relationships with your firms, you are able to have effective discussion sessions…Sourcing needs to help create a two-way street.” He continues, emphasizing that “you need firms to know that procurement can help them; not only in terms of awarding them business, but in terms of improving their business processes.” Today, more and more law firms are figuring out that these relationships can be “win-win.”
But the market place for legal services is not standing still; it is dynamic. As sourcing makes in-roads, outside law firms are already making adjustments to their businesses and will also be developing effective counter-measures to protect and advance their own economic self-interests. Corporate sourcing groups and in-house legal departments will need to build on their initial collaborations and become even more coordinated and sophisticated in their approach to managing the category for value.
Strategic sourcing of the legal category continues to promise tangible benefits, such as increasing the quality of legal service provided. Navigating the complex legal category is challenging, but skilled sourcing professionals have experienced tremendous success in this area recently and, with thoughtful planning, should reap increased rewards and savings in coming years.
To read the full article featured in The Institute of Supply Management’s Magazine, Inside Supply Management, visit http://www.argopoint.com/legal-management-consultants/ism-legal-services-procurement/. This blog series has been reprinted with permission of the Institute for Supply Management.