In-house lawyers can play a key role in generating revenue for their companies.
Legal teams can create vast amounts of profit by asserting legal rights to recover lost value, according to a report by LexisNexis Martindale-Hubbell. “The profitable legal department: how legal departments can prosper by generating revenue for their company.”
Standard Life’s legal team, for example, preserved £101m for its company by asking shareholders to forego a cash dividend and increase their shareholding.
“This latest report highlights how in-house counsel who assert their company’s legal rights, have delivered a real return on investment for their organisations through effective legal work,” says Derek Benton, director, international operations at LexisNexis Martindale-Hubbell.
“The recovery programme approach does not advocate increased litigation, rather a change of mindset for the business, from a passive approach of conflict avoidance, to one that asserts its legal rights to ensure that business-to-business agreements are honoured.”
The report looks at different methods of generating revenue in an ethical way and through negotiation rather than litigation.
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