Three Procurement Priorities for Law Firms in 2022
Few, if any, law firms were prepared for the disruptions of 2020—or for the continuous upheavals that the pandemic continued to spark throughout 2021. But law firms that paid heed to our recommendations from last year, particularly promoting flexibility and adaptability and centralizing the procurement function, have likely weathered the storm better than their counterparts who approached procurement piecemeal.
The continuing pandemic and social justice movements have shifted the mission statement of many procurement departments. Over the preceding five years, firms consistently focused on building their capabilities in risk management, sourcing, and contract management. Now, many firms have expanded their focus to include environmental, social, and governance initiatives too.
In this year’s law firm procurement survey, we once again asked procurement leaders across the country to identify their current and future points of focus. From those discussions and our own ongoing client experiences, HBR Consulting has selected three strategic priorities to guide the efforts of law firm procurement offices in the new year: increasing supplier diversity, managing spend, and building greater sustainability.