In the age of the COVID-induced economic downturn, legal budgets are being drastically reduced. The buzzwords of the day (and likely, the next few years) for law departments is "do more with less." As a result, many law departments are converging their go-to providers–both law firms and other service providers, like law companies.
Preston McGowan (former Chief Transformation Officer at Goldberg Segalla, and former Vice President of Claim Litigation Management for Chubb Ltd.) notes that the only firms that will make the cut are those that can continue to handle the same caseload at the same or reduced cost.
The real winners are those who imagine the delivery of legal services differently. Not only to save costs, but to handle work differently so that savings and efficiencies remain permanent. Surviving the age of convergence will require a healthy dose of ingenuity, process design, technology, flexible staffing, and enlightened law firms and law companies.
Will you make the cut?
And, according to Nathan Cemenska, director of legal operations and industry insights, Wolters Kluwer’s ELM Solutions, a recent Wolters Kluwer poll showed that 71% of corporate law departments are currently converging more work into panels, and another 13% expect to in the next year.