In this short and succinct guide, we take you through the key considerations for your next law firm review, including sticking to your strategy; understanding your organisations needs and budget; and defining what value looks like.

At a glance

• Define the model: Identify your collaboration model and engage key stakeholders early to align on needs.
• Define value: Establish clear metrics for value—consider factors beyond low costs, like innovation, efficiency and diversity.
• Focus on innovation and technology: Ask firms to showcase tangible examples of technological and process innovations.
• Billing and pricing strategy: Decide between fixed fees or hourly rates, and outline strategies to manage rate increases.
• Stick to the strategy: Historical relationships and personal connections can drive panel decisions and derail strategy, but adhering to defined criteria and a clear vision helps ensures alignment with long-term goals.