Legal spend is variable by nature. While this isn’t news to anyone working in legal ops, the large degree of variation may be more surprising. The research for volume 2 of our LegalVIEW® Insights report found that almost a third of companies saw 90% variation between their highest and lowest annual spend. The fascinating findings of this report are the subject of the inaugural episode of our Legal Leaders Exchange podcast.
Join legal ops experts Nathan Cemenska and Matt Kivlin as they discuss the report. A few of the topics they cover include:
The pressures acting on legal spend: Many factors impact how much a company spends on legal work each year. The overall economy, whether the company is bringing work in-house or sending it to outside counsel, pricing changes from firms, and major litigation all have a significant influence on how much a legal department spends.
How legal departments can control spend: Legal ops maturity appears to be helpful with spend control, as companies with e-billing systems are more likely to keep spend flat. Basic best practices, such as AFAs, fixed fees, and outside counsel convergence, are also important spend management tools.
How legal ops professionals can make the case for investment in technology: The LegalVIEW Insights report is an excellent starting point for demonstrating the value and ROI of legal ops technology. One legal ops leader even struck a deal to retain a percentage of any unspent budget and earmark it for legal technology investment.
Check out this episode of the Legal Leaders Exchange podcast, Volatility in Outside Counsel Spend - Containing the Chaos. Listen to this episode and follow our Legal Leaders Exchange show on your favorite podcast app (Apple Podcast, Spotify, Google Podcast, Amazon / Audible.com, iHeart Radio), so you don’t miss any of our upcoming episodes.