Suppliers in the spotlight: A look at procurement priorities for law firms in 2019
Procurement plays an essential role in law firms’ ability to reduce and contain costs, manage risks and improve the level of supplier service delivery. Reflecting procurement’s rising value, a majority of law firms (67 percent) have established a procurement function, according to a Procurement Leader survey conducted in connection with HBR Consulting’s 2018 Law Firm Procurement Roundtable.
As a trusted partner, the procurement function can drive significant business value for the firm from a number of perspectives and can achieve higher-level goals by developing and facilitating processes that improve the strategic management of supplier relationships.
Based on the discussions that occurred during the Roundtable, as well as our experience with clients and the market, three areas have emerged as strategic priorities law firm procurement functions should focus on in 2019:
- Supplier risk management
- Supplier relationship management
- Supplier diversity
By focusing on these three areas, the procurement function can manage supplier relationships in a more holistic and substantive way, helping the firm achieve key business goals.
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