What's Happening?
Managing a panel of outside law firms is a critical function for corporate legal or insurance claims departments. A well-structured panel can drive efficiency, control costs, and ensure access to premier legal expertise. The focus group discussion hosted by Wolters Kluwer highlighted the importance of right-sizing panels, managing exceptions, and fostering collaborative relationships. Diversity, equity, and inclusion (DEI) remain significant, with some organizations adjusting how they track DEI data from firms.
Why It's Important?
Effective panel management is crucial for legal departments to achieve strategic goals and maintain strong relationships with law firms. The evolving approach to DEI reflects broader industry trends towards inclusivity and collaboration. Right-sizing panels ensures meaningful engagement with firms, optimizing legal spend and outcomes. The insights shared in the focus group provide valuable guidance for organizations seeking to enhance their panel management practices.
What's Next?
Organizations will continue to refine their panel management strategies, focusing on metrics such as spend, matter outcomes, and billing compliance. The emphasis on DEI will remain a priority, fostering a collaborative dialogue with firms. Structured feedback mechanisms and exception processes will be essential for maintaining panel quality and operational flexibility. The insights gained from the focus group will inform future practices and drive improvements in panel management.
