You can now access a webinar hosted by LexisNexis® Martindale-Hubbell® presenting contrasting views on whether the in-house legal function is a profit centre, rather than a cost centre.
Based on the findings of a recent study: ‘The Profitable Legal Department’, the webinar was hosted by Patrick Wilkins from European GC and included the views of panellists James Shomper, Corporate Counsel at DuPont and Dominic Buckwell, GC at GE SeaCo Services Ltd.
James, Head of the Recoveries Program at U.S. Conglomerate DuPont, used his personal experiences to put the concept of a recovery program into context. In addition to information available in the full report, James provided further detail on DuPont’s recovery program, including statistics on the cumulative value of recoveries since 2004 and recoveries by practice area and geography.
Taking the opposing view that in-house legal function is a cost centre, Dominic Buckwell put forward three arguments; the organization’s strategy should be set by commercial teams rather than the legal department, a recovery program is not a novel concept, but an inherent part of In-House Counsel’s role and recovery programs endanger trusting and co-operative relationships with suppliers, which are the cornerstones to commercial success.
We’d be interested in your views on who you believe is right.