(New York City, May 29, 2014 – The Association of Corporate Counsel (ACC) has named Reed Smith LLP and its client MSA Safety Incorporated (NYSE: MSA), the global leader in safety products that protect people and facility infrastructures, as 2014 ACC Value Champions. The pair was recognized for their collaboration to reduce time and expenses associated with product liability litigation, and for cooperative, data-driven decision-making, which saved considerable expense.
"The 2014 ACC Value Champions demonstrate that data-driven decisions will become a mainstay of law departments of the future," said Veta T. Richardson, president and CEO of ACC. "The 11 legal departments and five law firms and legal service providers we honor this year, including MSA Safety Incorporated and Reed Smith, used data about their workloads, resource allocation and legal outcomes to identify key trends and implement innovative, custom improvements."
A component of the ACC Value Challenge is reconnecting the cost and value of legal services. The ACC Value Champions initiative recognized Reed Smith as one of five law firms and legal service providers that delivered substantial value to their client organizations by cutting spending, improving predictability and achieving better legal outcomes.
“We are honored to be recognized by the ACC with this award,” said John Hooper, partner at Reed Smith who headed up the MSA team. “At Reed Smith, we are constantly focused on providing value and containing the legal costs of our clients, while focusing on what matters to us the most – fostering client relationships and providing the highest-quality legal services.”
“Our commitment to quality and value is backed up by our Client Value Team, which is comprised of professionals with diverse legal project management and strategic pricing backgrounds, and is a demonstration of the seriousness with which we adhere to these principles,” said Sandy Thomas, Global Managing Partner of Reed Smith. “The firm’s Client Value Team is a significant resource to our lawyers and clients; it offers a number of value-add services aimed at increasing cost-effectiveness and efficiency.”
Reed Smith’s collaboration with MSA started with a general request to assess opportunities to reduce litigation expenses. The company’s law department, which consists of four lawyers in addition to support staff, embarked on a phased approach. The team started by centralizing all data in an accessible platform using cloud technology, which improved accuracy and cut the time required to compile key metrics. Next, MSA built a “virtual law firm” of experienced lawyers around the country, led by Reed Smith as “national coordinating counsel,” who guided outside counsel efficiencies.
"Understanding value is something that the Reed Smith team really understood from the beginning," said Stephanie Sciullo, Associate General Counsel of MSA Safety. "John and his team helped us shape our overall strategy and they are excellent, day-to-day, at executing that strategy."
In addition to saving considerable expense, the collaboration achieved an almost 20 percent reduction in defense expenses (as compared to 2011 costs) and lowered its defense budget below 2009 levels.
ACC received 83 nominations from law departments and law firms from December 2013 through February 2014. The list of all the 2014 ACC Value Champions is available online at: www.acc.com/valuechampions.
About Reed Smith
Reed Smith is a global relationship law firm with more than 1,900 lawyers in 25 offices throughout the United States, Europe, Asia and the Middle East. Founded in 1877, the firm represents leading international businesses, from Fortune 100 corporations to mid-market and emerging enterprises. Its lawyers provide litigation and other dispute resolution services in multi-jurisdictional and other high-stakes matters; deliver regulatory counsel; and execute the full range of strategic domestic and cross-border transactions. Reed Smith is a preeminent advisor to industries including financial services, life sciences, health care, advertising, technology and media, shipping, energy and natural resources, real estate, manufacturing, and education. For more information, visit reedsmith.com.
U.S.: New York, Chicago, Washington, D.C., Los Angeles, San Francisco, Philadelphia, Pittsburgh, Houston, Princeton, Northern Virginia, Wilmington, Silicon Valley, Century City, Richmond
Europe: London, Paris, Munich, Greece
Middle East: Abu Dhabi, Dubai
Asia: Hong Kong, Beijing, Shanghai, Singapore, Kazakhstan
About MSA
Established in 1914, MSA Safety Incorporated is the global leader in the development, manufacture and supply of safety products that protect people and facility infrastructures. Many MSA products integrate a combination of electronics, mechanical systems and advanced materials to protect users against hazardous or life-threatening situations. The company's comprehensive line of products is used by workers around the world in a broad range of industries, including the fire service, the oil, gas and petrochemical industry, construction, mining and utilities, as well as the military. Principal products include self-contained breathing apparatus, fixed gas and flame detection systems, handheld gas detection instruments, head protection products, fall protection devices and thermal imaging cameras. The company also provides a broad range of consumer and contractor safety products through a joint venture with MCR Safety. These products are marketed and sold under the Safety Works® brand. MSA, based north of Pittsburgh in Cranberry Township, Pa., has annual sales of approximately $1.1 billion, manufacturing operations in the United States, Europe, Asia and Latin America, and 42 international locations. Additional information is available on the company’s Web site at www.MSAsafety.com. Information on Safety Works products can be found at www.SafetyWorks.com.