It’s not surprising that GCs love secondments. Securing a well-trained branded lawyer from a quality law firm to help support the in-house legal team on a short term basis, usually at a substantial discount to their standard hourly rate. What’s not to love?
But it’s not all one way. Law firms develop a deeper understanding of their clients, which they can then leverage. The commercial drivers are aligned.
In a recent survey of more than 250 law firms and 150 corporates worldwide undertaken by PERSUIT™ and The Lawyer (UK), almost 90% of law firms said that they had a policy of encouraging secondments, and 75% said they had experienced an increase in secondment requests from clients over the last three years. Of the corporates surveyed, 75% said secondments were important to developing deep relationships with firms and important to their own legal resourcing strategy. Win-win.
Yet the same survey showed that client demand for secondments outstripped supply. How can that be in a legal services environment that is so competitive? Why aren’t clients taking advantage of that environment? Why aren’t law firms clambering to satisfy such an important client demand, especially when they know it builds strong client loyalty and delivers unique client perspective? Why isn’t the law of supply and demand working for secondments?
A platform for bringing the two together has been absent. Until now.