Commerciality for In-House Functions – why is it key?
- In-house departments are facing increasing pressure to deliver value to the business whilst still facing constrained budgets
- The best departments are reacting to this challenge by involving themselves more with the business and contributing to decisions on strategy
- In-house teams can use the 7 habits framework to select advisers to work with as well as improving their own performance
The role of the legal, finance, tax, marketing and IT functions within companies are changing. This change has been driven by:
- The increasingly complicated and volatile business environment
- Pressure on budgets
- Greater pressure from the CEO to measure performance and show contribution to strategy
86% of General Counsel say they are under increasing pressure to deliver more value to their business. In many cases the amount of legal work is increasing, but legal budgets are being frozen or cut.
Successful in-house are using these challenges to re-invent their role:
- Stronger involvement with company strategy
- Stronger collaboration and communication with the rest of the business
- Better use of KPIs to show contribution
- Better project management and efficiency. In particular, embracing technology.
78% of General Counsel say they are more involved with the formulation of their company’s strategy than five years ago.
If you’re asking yourself or your advisers the following questions then our framework can help you:
- How do maximize value from my advisers?
- How do I select the right advisor in a world where professional services are increasingly commoditised from a technical expertise perspective?
- What relationship do I need with advisers in order to encourage alternative pricing models?
Equally, do you know what your internal clients think of your team? Do they consider you to be ‘commercial’? How can you address this and play a bigger role in key business decisions.