As a legal department leader, are you looking for ways to identify the effectiveness as well as the value of the outside law firms that you retain? Liberty Mutual Insurance has been formally evaluating the performance of the thousands of outside counsel that serve the company during any given year for more than a decade. Several years ago, Liberty Mutual’s legal operations team developed a data-driven process that assesses both objective and subjective value metrics.
In our Value Drivers series, I interview legal industry leaders as well as innovators that are bringing transparency to legal performance in their own unique way. In this interview, I spoke with Kiran Mallavarapu, senior VP and manager, legal strategic services for Liberty Mutual Insurance, and Bruno Para, AVP and relationship manager for the company’s Central Division. This is the first of two parts of that conversation. Liberty Mutual Insurance is not a Qualmet customer.
Part 3: Benefits for Liberty Mutual Customers
How does this benefit Liberty Mutual?
We have seen some subjective benefits as well as financial benefits. It’s in our policyholders’ interest to make sure that we are providing the best legal service as possible, so there is a policyholder satisfaction kind of benefit. On the financial side, we have seen anywhere from a 5 to 25 percent difference in the total cost of some of these cases. Our claims handlers use the data to pick firms for cases from a managed panel, so instead of randomly choosing any firm, they’re are able to choose efficiencies and expertise.
When we work with law firm account partners that are highly engaged in sharing our vision and strategy, we tend to see better results. Firms that are not able to meet expectations over time, however, may eventually be deactivated.
Qualmet is a cloud-based SaaS provider. Offering customers a single sign-on platform to objectively as well as easily evaluate the quality of service. Services provided by their outside counsel as well as alternative legal service providers. Many of the world’s largest law firms and corporate law departments collaborated in the development of Qualmet. The Qualmet tool uniquely positions users to quickly as well as easily measure the value delivered by their service providers. By coupling industry-aligned evaluation as well as legal metrics with objective benchmarking capabilities, Qualmet helps customers define and drive meaningful cost savings as well as value in their organizations. Qualmet’s searchable database of evaluated service providers ranked based on objective metrics is the first of its kind in the legal industry. Know Where You Stand™. Let Qualmet help you drive sustainable and meaningful value for your organization. Follow us on Facebook for updates.