General Counsel Firms | Market, Trends, Growth | Suppliers Analysis

Strategic Sourcing Guide to General Counsel Firms Procurement

Overview

Business practices within General Counsel Firms market are heavily influenced by changing trends across the category as well as within the broader Legal market. Many suppliers are investing in automation technologies such as AI, robotics, machine learning and big data to optimize their business operations and offer new services to their customers. However, a part of this investment is also passed to buyers in the form of high prices being charged for value added services.

Suppliers are increasingly offering a 'bundle' of services which is marketed as a cost saving option. The bundled offering often includes services that are not required by the buyer or are charged at a much higher rate than an A la carte option with another supplier.

More and more buyers of General Counsel Firms are looking to engage suppliers who adhere to lean principles of business operations in a bid to receive services and resources that are highly optimized and insulates in part from cost overruns.

As a result, category managers need to closely monitor the General Counsel Firms procurement trends and identify changes required in their procurement environment for the category.

General Counsel Firms Procurement Best Practices

Sometimes, procurement functions are unable to timely alter their practices while responding to market conditions. Industry experts acknowledge that periodically reviewing procurement best practices and adopting learnings from across procurement categories can help procurement teams respond to market needs in a more agile way. This report combines our experience of other categories with General Counsel Firms procurement insights and hand picks best practices that can work for category managers delving in this market.

For example, There are increased exposure risks of confidential data such as product and service information, operations, and customer information when engaging a third-party supplier. Buyers must engage with suppliers that use encryption technologies, password protection, access control solutions, and proper training schedules to prevent possible information breach.

Buyers should engage with service providers that provide AFA in their pricing as negotiating on an hourly basis can increase the procurement cost of buyers due to overruns within lawsuits. AFA also provides buyers with cost predictability, certainty, and transparency.

Investing in benchmarking studies help category managers improve their knowledge on market pricing or billing rates of suppliers by job role and function. This also allows them to save costs as well as negotiate better with service providers.

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Risks in General Counsel Firms procurement

General Counsel Firms procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for General Counsel Firms procurement. Some examples include:

Suppliers may face a situation where they are unable to honor a contract in its entirety due to shortage of resources, finances or capabilities. While contractual terms safeguard buyers from the non-performance, their operations could still face massive disruptions due to suppliers' non-performance
Contract-related risks where unfavorable credit terms may severly penalize buyers for delayed payments or entitle the supplier to demand pre-payments or shorten the payment terms are not very common in the category but they do exist in certain situations where buyers' liquidity or financial health is in question
Service providers rely on complex information systems to deliver their services, some of which might be outsourced. These systems are susceptible to virus attacks and security breaches. In the case of a loss of proprietary information or confidential information of the client's firm, service providers can become liable to pay hefty penalties

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Who should read this report

The report is intended to serve as a one-stop reference guide for General Counsel Firms procurement strategy and offers a perfect blend of category basics with deep-dive category data and insights. Therefore, it is ideal for category beginners looking for “General Counsel Firms: Procurement Report 101” as well as for category experts actively tracking the global General Counsel Firms procurement market.

You may have just initiated your research to design a winning General Counsel Firms procurement strategy, or you may be a category expert looking for strategic insights and updated data.Either ways, the report has your requirements covered.

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Key questions on General Counsel Firms procurement answered by this report

Procurement decisions can prove to be costly in the absence of careful deliberation and evaluation of every available option. In fact, more than 90% of the decision makers we work with acknowledge that timely availability of up-to-date category intelligence can help them make better purchasing decisions. More than 80% of them believe that in-house category intelligence needs to be updated periodically to achieve full benefits. If you have read so far, we are quite sure you agree!!

The General Counsel Firms procurement report helps take more informed decisions by placing all the critical information and advice at the fingertips of a decision maker. It also specifically answers some of the key questions that we have been routinely asked during our industry outreach initiatives:

What is the spend potential in the General Counsel Firms market?
What is the correct price to pay for General Counsel Firms? What are the key trends and factors that influence current and future pricing?
Which selection criteria are the most important for General Counsel Firms Suppliers Market?
Who are the top General Counsel Firms suppliers? What are their cost structures?
Which negotiation levers can reduce General Counsel Firms procurement cost ?
What are supplier margins in General Counsel Firms market?
What are the best practices for General Counsel Firms procurement and what are the potential risks?

SpendEdge Insights has helped procurement professionals and sourcing teams manage multiple spend areas and achieve more than $2 billion in savings. Activate your free account today!

General Counsel Firms Category Insights: What is inside

The General Counsel Firms market report offers a complete picture of the supply market and analyzes the category from the perspective of both buyers and suppliers. Analysis of the category trends, procurement best practices, negotiation levers and overall category management strategy advisory are interspersed with in-depth data and commentary on spend outlook, pricing ecosystem and supplier landscape drilled down to a region-level coverage.

Data

A key highlight of this report is the in-depth outlook created on General Counsel Firms procurement spend and pricing trends. The report further delves deep into the aspects of cost structure, total cost of ownership and supplier margins for General Counsel Firms. A dedicated section to supplier profiles and evaluation helps decision makers cast a wider procurement net and identify gaps in existing relationships.

Insights

Along with specific category and supplier intelligence, the publication also includes curated insights on General Counsel Firms market trends, price influencers and inherent risks. These insights help the decision makers prepare for market shaping trends in advance and create alternative strategies for changes in the market conditions.

Advisory

Additionally, the report also advises on the best practices and strategies to manage the General Counsel Firms category efficiently. Negotiation levers and opportunities are explained in detail along with quantification of their potential. Benchmark KPIs for supplier and buyer performance management are also aggregated to better organize the category objectives. Other themes of advisory include ideal procurement organization structure, enablers to achieve KPIs or category objectives and ideal SLAs to have with suppliers.

Category Ecosystem

Buyer and supplier ecosystem
Competitiveness index
Buyer and supplier power
Threat of new entrants and substitutes

Global and Regional Sourcing Insights

Category spend
Spend growth
Dynamics
Opportunities

Pricing and Cost Analysis

Pricing outlook and data
Drivers of pricing
Cost structure and inputs cost
Total cost of ownership
Pricing models and margins

Cost Saving Opportunities & Negotiation Strategies

Buyer and supplier side levers
Quantified cost saving opportunities
Negotiation strategies and quantified outcome

Procurement Best Practices, Strategy and Enablers

Procurement excellence
Sustainability and innovation
KPIs and category enablers
Risk management and outsourcing

Vendor Analysis

RFx essentials and selection criteria
SLAs
Supplier evaluation metrics
Detailed supplier profiles

Our research is complex, but our reports are easy to digest. Quantitative analysis and exhaustive commentary is placed in an easy to read format that gives you an in-depth knowledge on the category without spending hours to figure out “what does it mean for my company?”

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Category Research Framework

SpendEdge presents a detailed picture of General Counsel Firms procurement solutions by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.