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A competent legal procurement team is worth their weight in gold - insights from the 2019 Legal Procurement Survey
Modern Lawyer
Vol. 3 - Iss. 2 pp. 51–55
Jul 2019
It is best practice to bring in procurement professionals to buy even very complex products and services. Until recently, however, the legal sector has relied on more traditional methods to consider and manage purchasing from outside sources and selecting firms was very much in the hands of the legal department. But leaving legal spend largely decentralised and without a consistent way to collect and analyse spending data, leaves a lot of money on the table. Given the enormous sums most large companies spend on legal services, a passive approach borders on negligence and in an era where pennies per share determines CEO longevity and stock value, passivity is no longer an option. Intelligent purchasing should be the approach to buying legal services and the new way forward.