Pandemics, AI, cyberthreats… the next unexpected is inevitably around the corner. Leverage your firm partnerships to build out your playbook.
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Newsletter Update V5

Hi there,

 

One of the most significant challenges facing today’s GCs, along with managing their portfolio of known risks, is being prepared for the unexpected.

 

Like cybersecurity threats, pandemics, climate events, or the next “Gen AI” type of development. 

 

As Inderpreet Sawhney, General Counsel and Chief Compliance Officer at Infosys, recently explained to me on the Innovative Legal Leadership Podcast:

 

"There’s no rulebook that’s written on a lot of issues that we are facing today, like Generative AI.

 

"How are you going to help navigate your business through that crisis?"

 

I believe that the answer to these challenges will increasingly hinge on in-house teams’ ability to strengthen their partnerships with outside firms in both anticipating and responding to these unexpected events. 

 

Mass arbitrations are a great example of how this can work.

 

As our Senior Legal Advisory Manager, Maui Gevero, explains in our latest resource, mass arbitrations are a known but often overlooked sleeping giant in many company’s risk portfolios. 

 

In these situations, a niche firm or legal services startup identifies companies with mandatory arbitration and pre-agreed arbitration fees in their consumer complaint clause. They then gather together thousands of consumer complainants in an attempt to strong-arm a hefty settlement. 

 

In some cases, arbitrator fees alone have amassed into the tens of millions of $$$. 😳

 

Larger companies with bigger departments might be able to handle a mass arbitration event internally. 

 

But should they? 

 

Firms who’ve managed these matters for other clients bring experience, acuity, and perspective to the fight. 

 

They know what strategies work. How other in-house teams have resourced themselves to handle these types of matters. And are ultimately able to bring the matter to resolution more quickly and effectively than without their outside help. 

 

Running a competitive RFP before an event arises is also a great way to assess which firms have the right experience, along with understanding and evaluating the variety of approaches and potential costs you might face in responding to a potential crisis. 

 

Like one of our clients who used PERSUIT to identify several firms with experience in mass arbitrations.

 

Receiving a value-based pricing structure from these firms allowed them to effectively budget and allocate resources for this work. (Here are some of the many other types of matters our clients are also competitively tendering on PERSUIT). 

 

Pandemics, AI, cyberthreats…the next unexpected is inevitably around the corner. 

 

GCs, what’s your playbook?

 

Do you have a response plan and process around future crisis events? 

 

Are you leveraging your firm relationships to help you more effectively prepare?


Cheers,

 

Jim

 

jim

Jim Delkousis

Founder and CEO  

PERSUIT

LinkedIn

INNOVATION IN LEGAL

Mass Arbitration: A Sleeping Giant in Company Risk Profiles

Mass Arbitration A Sleeping Giant in Company Risk Profiles

It's every litigation head's worst nightmare.

 

A niche firm or legal services startup gathers thousands of consumer complainants under a mandatory arbitration clause with pre-agreed arbitration fees.

 

31,000 X $3,500 = 💲💲💲

 

This is a scenario that has become a reality for large companies such as Uber and Intuit in recent years. 

 

If you're one of the 80% of Fortune 100 companies that have mandatory arbitration clauses in their user agreements, it's a risk that you should be prepared for.

 

Here's where to start.

 

Continue Reading: Mass Arbitration — A Sleeping Giant in Company Risk Profiles

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Maui Gevero

Senior Manager, Legal Advisory

PERSUIT

LinkedIn

DATA

8 Real Examples of Law Firm Price Adjustments During Reverse Auctions

8 Examples of Law Firm Price Adjustments During Reverse Auctions

Using reverse auctions when choosing a law firm is one of the most effective strategies available to in-house legal teams looking to:

  • Encourage competition.
  • Increase transparency.
  • Level the playing field for firms competing for work.

When combined with alternative fee arrangements, reverse auctions are also historically a very effective way to avoid unnecessary costs.

 

Here are some of the matters our clients are sourcing using reverse auctions on PERSUIT.

 

Continue Reading: 8 Real Examples of Law Firm Price Adjustments During Reverse Auctions

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Jordan Weinstein

VP Data & Growth

PERSUIT

LinkedIn

UPCOMING EVENTS

Where's PERSUIT? 

Here's where you can find us this month:

  • WEBINAR: Kickstart Your AFA Program — How Australia’s Largest Bank Modernized Its Outside Counsel Management, November 8

  • Financial Times Accelerating Business Roundtable: San Francisco, CA,  November 7 — Registration details here
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