I am always asked by my younger colleagues how GCs pick law firms when deciding which law firms to use. Most GCs actually pick lawyers , not just law firms, when retaining outside counsel, but it is important that the law firm is also a firm the GC likes and respects. If the GC likes and respects the firm, the odds are that the law firm is the firm the GC most likley will pick to hanlde a major problem or case.
Most GCs have over the years developed processes to select and use outside counsel on a consistent basis with a focus on quality, reasonable fees, and, of course, success. Such success is normally the result of a long-term relationship in which outside counsel becomes a member of the company’s “team,” learns the business, and can, therefore, provide timely legal and business advice. A General Counsel knows that it is vital to have a go to law firm that can handle major legal issues in an effective and efficient manner. So the General Counsel is always looking for the lawyer and the firm that can deliver for the company- ie add value. There are many firms vying for the GC's business, but only a few that can really deliver for the GC.
In essence, more and more General Counsel are only looking for law firms that can add value and either help the in house law department add value or add value to the company’s bottom line. In today’s ultra competitive legal marketplace, only the law firms that can add value are thriving. So the question becomes : How can a law firm position itself to add value and become the law firm of choice?. Law firms know that when dealing with a company it is essential to meet the General Counsel ( if the company has one) and develop a working relationship. But that is not enough. The days of becoming the go to law firm solely based on relationships are over. Having a good working relationship is of course also necessary. But its all about value add.
IT IS ALL ABOUT VALUE ADD
Here are 12 steps layers and law firms should take to become the firm that adds value-
If a law firm can internalize these 12 steps it is well on its way to become the company’s firm of choice. The GO TO LAW FIRM! Remember, GCs for the most part are reasonable but at the end of the day they are looking for the firms that can stand up and deliver- or add value. If the firm is not willing to go the extra mile, it can't expect the GC to think of it as the "Go To Law Firm". Oddly enough, not that many law firms are really willing to do so. They may pay lip service to "adding value" but at the end of the day may not deliver as promised. This provides an opening for those firms that are willing to internailze the 12 steps I mentioned above and become the firm of choice.