Nothing You Can Say Can Cause Me To Retain You remains among the most important blog posts for understanding the corporate legal market. Mark Hermann, self-styled curmudgeon and then Chief Counsel – Litigation and Global Chief Compliance Officer at Aon, expertly expounds on why he is loath to add new law firms: he already has really good lawyers.
Hermann calculates a 95% probability that new lawyers would be worse than his curated incumbents. I’ll pile on. Even if we are comfortable that new lawyers would be as good as, and possibly better than, our existing lawyers, there is still a strong argument for sticking with known quantities. It is not merely that we know our incumbents. They know us. The ramp-up costs for onboarding new counsel are more than administrative (framework agreements, fee negotiations, data security audits, e-billing setup), they are substantive. Current counsel know our people, personalities, peccadilloes, preferences, procedures, and policies. New, even when it is better, comes at a cost.