The fast and the curious

Empowering in-house lawyers to create business value

What does value creation mean?

How can it be achieved?

And how do you demonstrate it?

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The greatest opportunity for in-house lawyers today is to become value creators.

Legal teams are under increasing pressure to transform. To create and demonstrate value, directly contributing to the bottom line.

But without universal agreement on what constitutes value, in-house legal teams need frameworks and models to help increase their impact and influence.

The journey to creating higher value

Legal considerations affect all aspects of a business, putting in-house legal teams in a unique position to create value. They can use their assimilated knowledge to positively impact the bottom line or contribute to the businesses’ wider social purpose.

‍Barriers to transformation

The burden of day-to-day work often leaves in-house lawyers stretched and with limited time for creating value, facing multiple challenges:

An ever-growing workload
Shortening timescales for delivery
Increasing regulation and competition
More complex business models
Headcount and budget limitations
Challenges with capturing data to manage performance and spot opportunities

“In-house legal departments have an opportunity to be true value creators for their business. But to do that they need to find a way of delivering advice and managing risk and cost effectively to maintain business as usual, and still have the time and business insights to think creatively. Given the pressures they are under, that’s never easy.”

Louise Tait, TLT

The 3 Ps model for creating value

Each in-house legal team will have its own starting point on the journey to creating more value.

You can prioritise the right first steps for your team by:

Identifying what a good value creator looks like for your business
Assessing where you are now
Planning for how you can reach that position with impact

Purpose:

Performance:

People:

Empowering in-house lawyers to create business value

In this video, James Touzel, Partner and Head of FutureLaw at TLT, sits down with Mark Smith, Director of Strategic Markets at LexisNexis to talk about the greatest challenge – and opportunity – for in-house legal teams: how to meet the increasing pressure to create and demonstrate value in their organisations.