Having previously depressed everyone with eight downsides, I sanguinely offer ten advantages for general counsel that they might seize as a result of the economic downturn (See my post of Feb. 5, 2009: 8 downsides.).
-
Use the corporate pressure on you to try new law firms and scrape away at the encrusted incumbent firms (See my post of Dec. 17, 2007: challenges newcomers face compared to incumbents.).
-
Demand deeper discounts, fixed fees for phases, holdbacks or other cost concessions (See my post of Jan. 21, 2008: 10 more posts with variations on discounts; and March 1, 2008: fixed or flat fees with 36 references.). Several posts refer to holdbacks (See my post of Sept. 10, 2005: holdback payment based on client satisfaction scores; Feb. 16, 2006: reasons not to hold back amounts; Feb. 20, 2007: competitive bids and hold-backs; Aug. 4, 2007: holdbacks with bonus terms; Nov. 6, 2007: time constraints to negotiate; Sept. 18, 2007: a form of alternative fee arrangement; and Dec. 17, 2007: competitive bids.).
-
Competitively bid an anticipated group of matters (See my post of Aug. 15, 2008: competitive bids with 35 references.).
-
Exorcise from your department’s workload some quasi-legal services (See my post of April 9, 2008: quasi-legal tasks with 14 references.).
-
Apply some moments of down-time to developing knowledge management tools such as template agreements, guidelines or checklists.
-
Use capacity to streamline some processes, perhaps with Six Sigma methods (See my post of Feb. 13, 2008: Six Sigma with 18 references.).
-
Scrutinize the core competencies that you ought to specialize in and match your talent to those areas (See my post of May 23, 2008: core competence with 12 references.). Click here for my article, “Journey to the Center of Work” (Legal Times, July 21, 2008)
-
Squeeze vendors for much more favorable terms on maintenance, customization, support services, and add-on modules
-
Catch up on your CLE (PDE) and even get ahead a bit (See my post of Dec. 17, 2007: continuing professional development with 4 references.).
-
Correct internal inequities in compensation, including from the standpoint of purchase power parity (See my post of Oct. 10, 2005: purchase power parity and global compensation costs; and April 22, 2007: purchase power parity and some possible glitches.). Offer under-performing staff an opportunity to blossom elsewhere; expand the responsibilities of those who remain in a way that addresses grumblings about “no career path.”
-
Benefit from the brilliance of consultants (just kidding).