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Showing posts from December, 2012
Legal Procurement… Tired of the Status Quo?
By Reda Bennani: Consultant
There has been much debate, in the legal sphere, about the emerging technologies and the panoply of innovations embracing the practice. Law firms are looking for pathways and routes that can sustain net income and manage legal and corporate spend. Yet Procurement and Purchasing solutions are trailing far behind in mindshare.
So first, let’s better understand the concept.
In a traditional business context, the biggest source of cost in organizations is procurement of capital items that are needed to run the everyday operations. Purchasing solutions roles are hence well- defined as cost saving drivers. They deploy analytical tools that keep track of firm’s spending and overall management of vendor relationships and contracts. There is unanimity that when managed effectively, procurement can deliver substantial benefits. As we know, the law firm business model is different. While other industries benefited from the harmo…