“How do you properly assess
the value of outside counsel?”
“Consider the complexity of interpersonal
and inter-organizational relationships.”
The current debate about the value proposition of law firms is two-dimensional: costs
and services. As such, it obscures rather than clarifies the true nature of value, which is
multidimensional and involves not only outside lawyers but also their inside counterparts and
the relationship between the two.
Here are some other dimensions of value that can enhance law firm-client relationships:
Prioritizing the client relationship. Is the client relationship a priority of law firm leadership?
Do law firm leaders evince a willingness to enhance the client relationship through top-level
meetings and otherwise?
Anticipating client challenges. Does the law firm immerse itself in the client’s business, look
down the road, identify issues and propose solutions to future challenges arising in legislatures,
courts and regulatory agencies?
Understanding client resources. Does the law firm make an effort to understand the client’s
internal resources and how the client wishes to use those resources collaboratively when
meeting legal challenges?
Supporting professional development. Does the law firm invest in skills training of inside
lawyers as well as in “hot topic” seminars?
Promoting seamless communication. Is the law firm willing to structure fee relationships that
promote ad hoc client questions without “nickel and diming” the client on bills for five-minute
telephone calls?
Introducing law firm resources. Does the law firm selectively introduce clients to new partners
and other resources that could add value to the relationship?
Marc Gary
Executive Vice President
and General Counsel
Fidelity Investments/FMR LLC
Boston, Massachusetts
Propagating best practices. While respecting confidentiality all around, does the law firm
share best practices with its clients drawn from its clientele at large?
Interpersonal and inter-organizational relationships are complex, multidimensional and resistant
to reductionist attempts at valuation. When undertaking to value a law firm’s contributions, we
should embrace that complexity and not run from it.
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