HBR: Top 2023 procurement priorities for law firms
The more things change, the more things stay the same—and the more pressure law firms feel to cater to client demands. Though we have emerged (we hope) from the pandemic, firms are now looking for ways to distinguish themselves as client spending continues to normalize. But they are also looking for ways to serve clients more efficiently, given the risks that a looming recession and uncertain political future pose.
Law firms that have already strengthened and centralized their procurement function are likely better prepared to address the coming shifts. But unless demand grows, law firm margins will remain under pressure. As clients continue to expect better service at a lower cost, procurement teams must play a bigger role in finding new ways to improve the client experience while meeting client expectations for efficiency, diversity, and sustainability—all without adversely affecting firm operations or headcount.
In this year’s Law Firm Procurement Survey, we once again asked procurement leaders across the country to identify their current and future concerns. From those discussions, and our own ongoing client experiences, the team at HBR Consulting has selected three strategic priorities to guide the efforts of law firm procurement offices in the new year: managing vendor risk, expanding vendor governance, and broadening environmental, sustainability, and governance (ESG) efforts.
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