It's 2018; time to manage external legal spend once again
It’s 2018; time to manage external legal spend once again and focus on outside counsel management initiatives.
Opportunities in this regard, include:-
? Updating your billing guidelines and automating compliance through an enhanced eBilling platform leveraging advanced analytics.
? Manage law firm pricing negotiations with RFPs/RFQs, focusing on value pricing and alternative-based fee arrangements (AFAs).
? Create, manage and monitor budgets for your matters.
? Identify, collect, and report on key performance indicators (KPIs) and industry benchmarks.
? Use detailed analytics to extract meaningful and actionable information about outside counsel costs.
? Implement systems for evaluating and providing law firm feedback.
? Identify the relevant data you capture and the business value you hope to derive from that data. Fully understand the cost for each resource by phase, task, and matter/project.
? It is important to note, that time-based billing is still embedded in many e-Billing systems. This provides rich data to help with matter value estimation and historical costs with easily understood results. Although your legal department and external law firms continue to rely on AFA’s and value pricing, hourly rates will remain relevant in pricing discussions and analysis.
The next generation ebilling and spend management solution by BusyLamp is a simple to use solution that enables all of the above opportunities to be easily managed and automated.
Collectively, this data will help you understand the comparative costs of all providers and formulate your current, optimal legal sourcing strategy.
For further information or to arrange a 30 minute remote demonstration, just message me here on Linkedin.
Happy New Year!
Sean Mallen