In a move to leverage more strategic and versatile legal services, corporations worldwide are maneuvering through a trend towards “right sourcing” their legal work. The focus on ‘right sourcing’ indicates the allocation of tasks to the most fitting, effective and value-driven resources, whether that be large global firms, boutique firms, contract attorneys, or legal technology.
According to JD Supra, the factors influencing the tilt towards ‘right sourcing’ include the abundance of legal service options, shifting market conditions, economic unpredictability, and an increased focus on the functioning of legal operations.
The option to work more flexibly and strategically, brought about by this trend, thereby empowers legal departments to better demonstrate their value to their respective organisations. At the heart of the trend is the inclination to engage boutique and midsize firms to achieve business objectives more effectively.
Companies that have commenced this shift have offered positive insight on the trend, sharing that it has assisted them in meeting their business goals on time and within budget. It is anticipated that the trend will continue, leading to the diversificatilon of more legal departments and the reshaping of the legal industry landscape to become more value-focused, agile and adaptable than ever before.
Therefore, in a relentlessly evolving global market, companies would be advised to take into consideration these transformations in the world of legal services while strategising their legal operations and supplier engagement, in order to derive the most value and competitive advantage possible.