• Strategic Partnering: Establish a mutual understanding.
  • October 27, 2003 | Author: Robert J. Coleman
  • Law Firm: Marshall, Dennehey, Warner, Coleman & Goggin - Philadelphia Office
  • What is the best way for corporate legal departments to optimize relationships with strategic partners and avoid future disputes?

    Corporate counsel should not overlook outside counsel as one of their most important strategic partners. Yet, when the bill arrives, this principle is seemingly abandoned. Clearly, controlling legal expenses without compromising quality requires that services be purchased on a contract basis. Outside counsel should be treated like other types of vendors; those who deliver the best service should be made exclusive members of the company's partnership team. Pricing then becomes a matter of number-crunching and trust. This formula has worked successfully for innovative companies willing to experiment, such as AIG and DaimlerChrysler.