Oscar Wilde’s “Lady Windermere’s Fan” contains a phrase that has entered the common lexicon: A cynic is “a man who knows the price of everything and the value of nothing.”
Stephen Allen, global head of legal service delivery at Hogan Lovells, says the phrase is representative of many legal departments today: Many lawyers know exactly how much it costs to draft a contract, but once it’s in place, do they know how it can drive value for the organization? Or even before it’s written, have attorneys identified the value costs that could come from a breached, or worse, lost, contract?
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