LPO: The Holy Grail for Legal
Like a tiger, legal professionals can see in the dark. Mitigating risk is like leading the pack to the prey at night - while avoiding the dangers that could doom those without night vision.
Legal Process Optimization™ (LPO™) offers a scalable solution to identify, select, negotiate and, as desired, manage the business aspects of the relationship between a company, government agency or other buyer of legal representations, outside counsel and the myriad vendors that go into a legal matter.
LPO™ is a propriety protocol through which the greatest return on legal spend is realized. Through the “quasi-disaggregation” of legal procurement, PMIC has taken a holistic view of the global legal landscape, pulled it apart, and put it back together in an efficient, cost effective and high quality manner.
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WHAT DIFFERENTIATES LPO™
What differentiates LPO™ is the combination of legal and business knowledge that form integrated methods to manage all business aspects of legal matters – litigation, transactions and government actions. LPO™s are designed to, at long last, answer the challenge of in-house counsel and procurement teams to generate the highest return on clients’ legal spend without sacrificing the quality of representation.
The Legal Ecosystem and its Challenges
Legal procurement and management in the United States is like the Wild Wild West. Everything has changed in less than a decade. Industry and the legal field are doing their best to stay ahead of the challenges, but the risks and the frustrations have increased, prices are all over the lot and satisfaction levels are declining, as are the number of students applying to law school every year for five years running.
From every perspective the legal environment is different. Big Law, smaller firms, government agencies and the in-house legal teams at companies across every industry – public or private – are working within a legal business eco-structure that is changing.
Across the public and private sectors, in public, private, large, growing multinational companies, in-house counsel are being asked to do more with less: reduce legal costs without sacrificing the quality of representation.
Through procurement initiatives and outsourcing, buyers have been exerting more control over the legal procurement process. Vendors of all types have sprung up as a cottage industry designed to support the technological or logistical needs of the matter.
Reduced budgets, increased oversight, aggressive agency enforcement tactics, and a predatory plaintiff’s bar make it harder than ever for in-house counsel to balance their ledgers while fulfilling their fiduciary responsibilities to their companies and shareholders.
How PMIC helps address these Challenges
PMIC understands that efficient and careful stewardship of budget is essential to success. To help our clients meet the challenges inherent to the dynamic legal procurement environment, PMIC developed a proprietary business protocol called Legal Process Optimization™ (LPO™).
At the surface level, LPO™ is defined as the process by which procurement of legal services is disaggregated into its constituent parts, business services are identified and isolated from pure legal services and merits management, and efficiency and value protocols are applied to procurement of the business components.
By integrating a data-driven business protocol into a matter, LPO™ ensures clients’ greatest return on their legal spend.
Aside from the obvious impact to our client’s bottom lines, this “quasi-disaggregation” of the business aspects of a legal matter also frees in-house and merit counsel from time-consuming non-legal aspects of a matter, allowing them to practice law.
~ KPMG
PMIC LPO™ PROCESS INVOLVES:
- Collecting data on which firms are currently used, history of litigation, annual external spend, retention policy, compliance, risk analysis methods in place, etc.
- Reviewing or writing guidelines for procurement of outside counsel
- Assessing the current state of the organization and outlining its ideal state
- Evaluating the effectiveness of current law firm sources
- Managing all facets of the legal procurement business process throughout the litigation cycle
PMIC LPO™ Benefits:
- Quasi-disaggregation” of legal and business-related tasks Increased Efficiency
- Greater return on legal spend
- Reduced Costs
- Efficient deployment of resources
- Effective approval protocols
- Freedom for in-house and merits counsel to focus on technical legal issues rather than logistics
- Scalable solution
- Training Tools
- Predictability
- Integration of legal and business concerns in Procuring counsel and in ongoing matter management
- Oversight of all third party vendors