Law In Business: Prove your value
How to measure value is a subject of much concern among general counsel. Iain Larkins puts forward a formula for calculating whether an in-house legal department is a cost-effective investment for a company
September 20, 2006 at 08:03 PM
11 minute read
In my research for this article it was obvious that 'measuring value' is a hot topic and something that is currently perplexing most general counsel. In my discussions with other general counsel, it is always the subject that commands the most discussion; a simple search of Practical Law Company reveals many articles on the subject too.
Legal teams are not the only departments that are struggling with this issue, as I found that there are many articles written on the subject in the field of human resources (HR) departments. The issues are very similar and you may therefore find that a conversation with your HR team will reveal many thoughts on this subject.
I thank all those people that have discussed this with me, in particular Jim Hever of Addleshaw Goddard and Tony Grundy of Cranfield School of Management, who helped me create the sophisticated measurement tool that is discussed below.
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