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May 19 — The Association of Corporate Counsel May 19 recognized 12 companies for using strategic approaches to bolster the value of their legal services spending while reducing costs.
The 2015 “ACC Value Champions” include 3M, which managed to cut legal costs by almost 70 percent by working with contract attorneys to conduct document review for large cases instead of outsourcing the work to law firms.
Also honored was AIG, whose creation of a global operations center for enterprise legal needs generated more than $200 million in cost savings in 2014 alone.
“Each of the 2015 ACC Value Champions applied a deliberate mix of legal operations tactics and called on employees to be involved in strategic decisions about resource allocation, outside counsel management and internal processes,” ACC President and Chief Executive Officer Veta T. Richardson said in a release. “In many cases, the winning nominees partnered with law firms and legal service providers to turn challenging projects into opportunities for savings and better legal service.”
AIG General Counsel and Executive Vice President Thomas A. Russo said in a statement that the company is “very proud” of its legal operations center. “AIG’s Legal Operations Center has demonstrated that, by leveraging data, process innovations and strategic partnerships, it’s possible to both greatly enhance value in legal services and consistently obtain the best legal outcomes,” he said.
The winners were selected from a group of 80 nominees by a panel of in-house counsel judges. The other 10 ACC champions were:
• Bendigo and Adelaide Bank;
• BMO Financial Group;
• FedEx Ground Package System;
• Fireman's Fund Insurance Co. with Novus Law;
• Juniper Networks;
• SSM Health;
• Heico Cos. with Shook, Hardy & Bacon;
• Xcel Energy; and
• Yazaki North America.
The ACC's release is available at http://www.acc.com/aboutacc/newsroom/pressreleases/acc2015valuechampions.cfm.
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