My previous posts about the ACC Value Challenge have presented various facets of it, but not fundamentally challenged its value, so to speak (See my post of Oct. 22, 2008: normal fees for high quality work; Oct. 19, 2008: complaints about law firm associates; Nov. 21, 2008: deconstruction of its definition of value; April 25, 2009: reciprocal commitments; April 25, 2009: asymmetric commitments; April 29, 2007: not game changing; and Sept. 9, 2009: “move away from RFP mentality.).
Then a comment showed up on my blog, from a general counsel. “I find the ACC Value Challenge appalling. I want no part of it. They define “value” wrong — a fancy, multi-faceted relationship. In fact, value is a good outcome at a good price. Period.”
Hmmmm. As I reflect further on the covenants, they do seem oriented more toward meeting the needs of law firms than of law departments. Managing partners want full-range, deep and lasting relationships; they give much shorter shrift to how to corral the stupendous costs of corporate legal services. The commenter hit the nail on the head.