(Left to right): Ivan Fong, general counsel at 3M, Eric Rucker, assistant general counsel, litigation at 3M, and Maureen Harms, associate general counsel at 3M. Courtesy photos Want to Reduce Legal Spending, Bolster Diversity and Create Strong Succession Plans? 3M Knows How
"A relationship partner came up to me and said, 'I am so glad that you have launched this metric because it has forced us to identify who my successor might be. It's something we should have been doing anyway, but because you asked for it, we were able to identify a successor with a diverse background, and we would not have done so otherwise," said Ivan Fong, general counsel of 3M.
March 09, 2021 at 06:25 PM
8 minute read
In 2013, 3M wanted to reduce the number of law firms it had on tap. The company's first goal, recalls general counsel Ivan Fong, was to reduce 3M's spending on outside counsel. Indeed, a recent Thomson Reuters survey of more than 200 legal departments found about 89% said holding down outside counsel costs was one of their highest priorities for 2021. Some inside counsel are dedicating more personnel to reviewing outside counsel agreements.
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