In this customer testimonial, Gregg McConnell, Global Director of Legal Operations at Corteva Agriscience, shares why it was time for Corteva to move towards value-based pricing.
McConnell starts by acknowledging a common challenge faced by many legal departments.
"We're trying to get to a spot where we can analyze what is it going to cost me to do this piece of [legal work], rather than, well, it's going to be approximately this many hours and here's your hourly rate. That's too volatile for us. We needed to be able to project and understand what we're doing so that we can run more efficiently for the company," McConnell explains.
As Corteva made the switch to a more predictable pricing model for legal work, they knew they had to get their firms on board. The response they received, McConnell recalls, might have surprised most legal teams.
"So I would have told you that I thought the firms were going to freak out when we did that. And what we found out is that every one of them said, I wondered when you were going to come and ask this question. We're ready to do this. Sometimes it makes more sense to us as well. It gets them out of tracking every single minute. They don't love that process either. Neither did we."
McConnell ends with Corteva's approach to selecting law firms and the value of having diverse perspectives.
"[When evaluating firms], we really look at the capabilities and backgrounds of the firms, but also, what's their plan for dealing with this matter? And looking across those different plans to see who's got a better idea? What might be the right avenue? Sometimes it changes what we should be doing in our thought process. But it really gives us that perspective. Are we getting the best we can get out of everything? But also are we inviting all the right firms?"
With PERSUIT, Corteva has a process to ensure they always have these answers.
See more clips from Gregg below:
How Corteva uses real-time data to deepen relationships with law firms
