The Value of Everything: How to Measure and Deliver Legal Value?

Jan Geert Meents () and Stephen Allen ()
Additional contact information
Jan Geert Meents: DLA Piper UK LLP
Stephen Allen: LexFuturus

A chapter in Liquid Legal, 2017, pp 227-235 from Springer

Abstract: Abstract Oscar Wilde famously described a cynic as someone who knows “…the price of everything and the value of nothing”. Legal departments have allowed themselves to become the focus of such cynicism, seen as a (high) cost, rarely able to articulate the value of what they do. Measuring cost is important, legal functions need to be more efficient and their failure to do so has only increased the level of scrutiny they face. Almost all commentary on legal departments, to date, has focused on the cost of legal and its failure to leverage technology and alternative ways of working. However, if everything is viewed only through the “cost lens” then effectiveness is often overlooked—and ‘value’ not understood. What, therefore, is “legal value” and how do we measure and deliver it? In answering these questions, we will also consider Why do companies “buy law” and What should their return on investment be?

Keywords: Cost; Effectiveness; Measure; Return on investment; Value (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-319-45868-7_15

Ordering information: This item can be ordered from
http://www.springer.com/9783319458687

DOI: 10.1007/978-3-319-45868-7_15

Access Statistics for this chapter

More chapters in Management for Professionals from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().