Source: The American Lawyer
By Meghan Tribe, The American Lawyer
Major, Lindsey & Africa is giving general counsel and in-house legal departments another tool for their cost-savings arsenals.
The legal consulting and recruiting giant announced Monday the launch of Make-Buy Analysis, an interactive tool that conducts a cost-benefit analysis for corporate legal departments to determine whether or not their workloads justify the hire of another internal attorney.
Major Lindsey partner Gregory Richter, vice president and global head of the firm’s in-house practice group, helped develop the calculator to help his outfit’s own consultants and corporate clients concerned about fiscal responsibility.
“Law departments run very lean,” Richter said. “When you’re going to pick an area to hire or make a decision to add head count, those are important decisions that you want to look through carefully with the right analysis, so we want to help in that journey for our clients.”
The Market-Buy Analysis calculator was developed using many of the same calculations and methods that Major Lindsey consultants would use informally via a spreadsheet in discussions with general counsel, chief financial officers or chief executive officers over potential in-house hires, Richter said. But the firm wanted something more readily accessible for its employees, which led to the creation of the calculator, he added.
“We decided that we wanted to put a tool in the hands of our consultants that allowed real-time accessibility to the market where they could use this app, if you will, to do this analysis over coffee or impromptu at a meeting or a conference,” Richter said.
The calculator, which is free for Major Lindsey clients, asks in-house legal teams a series of questions about the internal costs of hiring an attorney, such as potential salary, annual bonus, working hours and support and rental costs. It also asks for the hourly billing rate of outside counsel given the specific practice area that the in-house department is looking to hire in and the percentage of work that the internal hire could take from outside counsel.
Read more of this article at The American Lawyer