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. Counsels 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 and 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, as well as 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 7: Driving Change to Increase Value Over Time
Over time, what kinds of changes have you seen in behavior?
We’ve seen firms start to keep their own metrics and similarly track their performance internally. So there is a progressive learning aspect to the relationship. The firms that come to the table with metrics they’ve developed on their own tend to elevate the conversation above the norm. Generally, we see firms changing their practices and procedures to positively impact their performance indicators and still others that are highly innovative in terms of their use of data and analytics.
In what areas have the law firms most significantly improved in the last five or six years?
There is much more awareness of the importance of data and analytics in the industry today. Law firms have recognized the inherent value in actively managing their businesses by adopting and applying benchmarking as well as strategic planning techniques. The heightened use of industry intelligence and the application of internal metrics to assess the performance and financial health of the firm, practice groups and major projects are just a few examples.
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.