No rational person would finance the purchase of their home on a credit card. There are obviously much more tailored and cost-effective financial vehicles out there for that purpose.
I’m struck though, that many companies take a similar approach with their legal spend. For good reason, I’ll hasten to add. For the last several
hundred years there were precious few service options
offered to those needing legal help.
But that has changed. Multiple models have sprung up to give companies a change to strategically adapt how and where they solve legal problems.
One such strategy I’ll expound on is called de-bundling. It goes something like this: Your company looks critically at all the situations where you need legal support. Then, you look at who (or what) is best designed to match those needs economically.
For some tasks, A.I might be the answer, high- volume contracts, maybe a provider like us, a transaction, then private practice counsel. The point is the leave the brains at your traditional external counsel to do specialized work, where their rates match the value they add. Serve the remainder at a much more palatable cost structure.
You’re ahead of the curve as a company doing business today with a legal innovator like us. Continue that momentum to dig deeper into who’s solving your legal problems and you’ll likely find more opportunities to shave costs with as good or better service.
We should all celebrate we have more options than just a credit card now.