Major survey finds that definitions of value by legal departments don’t primarily address money

One of the questions covered by Acritas in its thoughtful Sharp Legal Brands – Global Elite (2009) at 18 is “What does the term ‘value for money’ mean to you?” They analyzed the answers to the open-ended question from 476 respondents out of “1,000 interviews with the largest and most influential law firm clients across the globe.”

Of the five definitions given the most frequently, only two of them explicitly referred to the amount paid the law firm. One refers to the efficiency of the service as determined by delivery on time. Two others emphasize the quality of the service. In other words, the monetary part of the value assessment was less common than promptness and excellence (See my post of Aug. 21, 2009: value compared to fees paid with 22 references; and Oct. 21, 2009: law firms and the value they deliver with 24 references and one metapost).

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