Post-Convergence Strategies for Firms and Law Departments
After the arduous task of issuing long, overly detailed RFPs, reviewing the responses, participating in the pitch meetings with the finalists and then finally selecting the panel firms, the existence of the panel often fails to meet the goals and needs of both the client and the firm. The final determination of which firms will serve on the plane is often followed by a two-day meeting, hosted by the legal department, to familiarize the firms with the company’s goals, legal department personnel and organization, and panel guidelines and requirements. In many legal departments, this represents the conclusion of the process when it should instead mark the beginning of a new, productive partnership.
We help law departments develop post-convergence plans to help them manage and monitor the actions of their panel firms and to institute effective methods for transparent communication, expectations and metrics to evaluate success against goals. Goals might include those related to pricing, data analytics, technology, other innovations, project management and budgeting, legal outcomes and deliverables. We also help law firms engage with clients post-convergence to get a better understanding of how matters will be assigned to panel firms, how they will be selected, evaluated and what they can do to strengthen the relationship with the client.