November 8, 2005
Recovery Strategies Offer New Opportunities for Law Firms
DuPont’s strategic decision to aggressively pursue recoveries for vendor price fixing, intellectual property infringement, contract breaches, etc., may be the model for expanding services to a law firm’s existing client or getting a seat at the table with corporations you have always wanted to win as a new client.
Tom Sager, Assistant General Counsel at DuPont, is credited with transforming DuPont’s legal area into a profit center by seeking out opportunities for the legal department to bring money back to the company.
An article in the November 2005 issue of Corporate Legal Times suggests that business people have stayed away from aggressively pursuing wrongdoers - “There remains a stigma on the word Plaintiff and no company wants to invest money into something that might not generate any returns.”
Judging from the Corporate Legal Times article, there is an opportunity for law firms to expand their business and make a significant contribution to the law firm’s clients. What does it take? It takes a willingness for the law firm to work cooperatively with its clients to look for opportunities to bring actions and seek recoveries. Sager, in the Corporate Legal Times, is quoted as saying, “Any legal department at a large company that does not look for these opportunities is leaving money on the table.” Sager should know. His approach has put an extra $170,000,000 in DuPont’s coffers in 2005 alone.
Now that’s what I’m talking about—More Partner Income!
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Filed under Marketing by Tom Collins