Four Ways to Better Manage Your Legal Spend
It’s time to take a hard look at your legal spend. According to a recent article published in Corporate Counsel, “Gartner projects that over the next five years businesses will face an era of persistent disruption, leading to increased exposure to regulatory and reputational risks. Any stable “new normal” remains over the horizon.”
Now more than ever is the time to understand where and how your legal spend is being used and how that work is performing. Not only can a better understanding of your legal spend management help reduce costs, but also help you expand relationships with your performing firms and give you insights against similar matters across a broad range of firms.
Here are a few tips on how your legal team can manage legal spend:
- Invest in Technology + Human Solution: Through a combination of technology and industry experts, you can establish baselines and set goals for your legal spend performance. This is also an opportunity to better leverage existing tools to make more informed decisions.
- Gain Insights From Real-Time Analytics: What story does your legal spend tell? Before you can experience cost savings, you need to take a deep dive into the data to understand your spending, spot discrepancies, and showcase new opportunities to improve.
- Establish Billing Guidelines: Putting clear billing guidelines in place for invoice submission, compliance review and to require and enforce budgets will ensure nothing gets “lost” in the process. When it comes to managing legal spend, setting expectations with your outside counsel firms is critical.
- Focus on Compliance: Managing compliance has traditionally been a manual process, which caused inconsistencies and a strain on resources. Legal spend management solutions can automate compliance reviews to ensure legal teams are held accountable to established guidelines.
Using a legal spend management solution is one of the most tangible ways to manage your legal spend performance. With the right solution, your legal team can practice law again while reducing costs, managing risks, and achieve higher levels of personal productivity.
Interested in learning more about how we can help you manage your legal spend and give you time back to focus on what’s important? Contact us today!
Editor’s Note: This post was originally published to the Quovant site. After the 2022 Mitratech acquisition, the content was moved to the Mitratech site.