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Value chain: How to redefine the value of your legal services

Deepak Malhotra discusses how law firms and general counsel can redefine the value of commercial legal services

21 February 2012

Articulating value in commercial legal services has been a difficult area for law firms and general counsel alike. It is not that there is doubt that value is created, but rather how one demonstrates this in a tangible manner.

In this article, I try to piece together my experiences in the value debate, based upon 14 years in industry (since 2005 as an international GC and, before this, working for two leading London law firms).

I see value in supply chain terms. This supply chain of value means that there are many different and key steps which build and create value in legal services, particularly when considered across the combined function of in-house and external legal services. This supply chain would vary by circumstance but could look something like Figure 1.

 

Figure 1: The supply chain

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