Recent surveys reveal that the second greatest challenge faced by corporate law departments is controlling their budgets, with a large part of the struggle attributed to spending on outside counsel. With increasing demand for legal services, rising law firm fees, and stagnant budgets, corporate law departments are under pressure to do more with less. Growing concerns over compliance issues have also resulted in the need for greater transparency into legal spending, liability exposure, and aligning results with value.
How can you get a better handle on your legal spending and find the right balance between your budget and the company's legal needs? These tips offer you some initial steps to help improve the way you manage your law department spending.