The Association of Corporate Counsel recently announced their list of 2015 ACC Value Champions, a prestigious list of “value leaders” who have successfully transformed their departments to better meet corporate growth objectives. Onit is delighted to congratulate our client, the Legal Operations Center at AIG, for their big ACC Value Challenge win! The purpose of ACC’s Value Challenge is to share industry best practices and to reconnect the value and cost of legal services. This is the second year in a row that one of Onit’s clients has been named an ACC Value Champion. In 2014, ZS Associates won the prestigious award in part for their innovative use of technology, including Onit Apps. We are proud that Onit was able to assist AIG in their success this year!
AIG’s Legal Operations Center (LOC) and the innovative way they addressed their complex process issues, saved the company an impressive $200 million in legal costs in 2014. ACC’s profile of AIG entitled, “Leveraging the Ops Function to Tame the External Spending Beast,” describes four major ways AIG transformed their legal enterprise for the win:
Given the complexity of the fact that AIG contracts with over 1,200 external law firms, the legal operations team designed a consistent, competitive, transparent process to standardize rates and terms. Creating and deploying Onit’s App Builder Platform was an important part of AIG’s strategy. The App Builder enabled AIG to customize a workflow and reporting App that addressed their unique set of challenges. ACC’s Jennifer Salopek writes,
“The team has automated workflows and reporting supported by Onit’s business process management platform, and uses DocuSign to support its contracting needs with law firm panel members. By employing competitive, market-driven tools, the LOC was able to realize reductions in hourly panel rates ranging from 2 to 32 percent.”
Process and Information Management
In order to better understand and predict their legal spend, the AIG team undertook a two-year initiative to develop industry-leading analytics capabilities for five major claims lines of business and created self-service dashboards to compare performance using real-time data.
Alternative Fee Arrangements
The AIG team reduced their costs by 20% over the typical hourly rates by restructuring the way they pay outside counsel for high-frequency, low-complexity matters.
Legal Vendor Management
AIG reduced the cost of e-discovery between 40 – 60% by efficiently leveraging non-firm specialist providers.
Click here to read more about AIG’s Value Challenge win and learn more about the other companies recognized this year.
To learn more about ACC’s Value Challenge, visit the website.
How do you transform your in-house practice to meet the growth needs of your company? Onit’s App Builder Platform can help!
Contact us today to see how our Enterprise Legal Apps can transform your legal department and “possibly” make your team an ACC Value Challenge winner in 2016.