New ACC ‘Value Index’ Helps Clients Rate—And Share—Law Firm Performance Info
Posted Oct 15, 2009 6:05 PM CST
By Martha Neil
First came the ACC Value Challenge. Now the Association of Corporate Counsel is about to introduce a tool to help in-house legal departments better implement it. Corporate counsel will not only have a uniform way to measure the performance of their outside law firms but will be able to share that information with their counterparts at other companies.
The new ACC Value Index "is a client satisfaction measurement tool that helps ACC members share meaningful information about the value they get from their outside counsel," the ACC explains, and "reconnect ... the cost of legal services to the value provided." Membership in the corporate counsel association is required to participate in the evaluation program.
Using a 1-to-5 point-scoring system, ACC members will rate their law firms on criteria including "legal expertise," "responsiveness/communication" and "results delivered/execution," explains an ACC information page for law firms. The Value Index allows members to offer specific comments about law firm performance and asks a critical question: Would they use the law firm again?
The information page also says the new Value Index will help law firms share success stories, get information about "sample value practices" and download resources such as a budgeting model.
More details about the new Value Index program are provided in an ACC press release. It will officially launch at the association's annual meeting in Boston next week.
Related earlier coverage:
ABAJournal.com: "In Brave New Post-Boom World, Corporate Clients Now Want Value"