After lunch on the first day of the P3 Conference, we had the opportunity to listen to a client discussion – which, if you read Zen regularly, you know is a favorite of mine! Moderator Vince Cordo (@vcordo), the Global Director of Client Value at Reed Smith led a panel that included Nick Bagiatis, the COO of Reed Smith, Lesley Garafola (@plgarafola) of Duke Energy, Gonzalo Frias of Duke Energy, and Kimberly Levinson of PNC.
The delegate packet told us:
Tracking and reporting on the value and the cost of legal services had become top priority. Value promotes the adoption of management practices that allow all participants to achieve their key objectives. This session is a discussion on how clients are working with firms to track spend by a law department with a focus [on] measuring value. Until you can get that data, you[r] best option is to keep pushing for lower costs. Comprehensive performance management programs are being introduced by corporations in ever economic sector. Most include key performance indicators (KPIs). These indicators and the programs they support are comprehensive because they are much more far-ranging than budget and other financial indicators. Clients want programs which reduce waste and which encourage all resources to be dedicated to the top priorities set by executive leadership. It reflects the transition of the legal function from a classic position of support to one which is likelier to add value."
Continue Reading Law Firm Partner and Client Discussion: Creating the Win-Win