“You need enough firms to promote healthy price point competition, yet not so many as to make the lemon not worth the squeeze for the firms.” Medtronic GC Ivan Fong said.
August 24, 2022 at 02:57 PM
6 minute read
What You Need to Know
- Sending more work to fewer law firms—a process known as consolidation or convergence—is all the rage.
- When done correctly, legal departments can use consolidation to negotiate lower rates and build better relationships with firms.
- But many departments aren’t taking the right approach and they’re paying the price.
Less isn’t always best when it comes to law firm consolidation.
Corporate law departments have boasted for years about the benefits of shrinking the number of outside law firms and other legal service providers they use. But the practice’s potential pitfalls have received scant attention.
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