Editor’s Note: The original content published here has been removed and in place we offer you the following which proved popular with corporate legal and legal operations professionals.
The cornerstone of a productive client and outside counsel relationship starts by setting clear and consistent expectations for the legal department at the outset of the client engagement.
A majority of survey respondents (71%) indicated corporate legal investments in eDiscovery analytics would increase, or remain the same in 2016. The infographic and study indicate the most common uses of analytics in eDiscovery include: a) culling; b) early case assessment (ECA); and c) relevancy review.
This post synthesizes seven studies of interest to corporate legal into one single easy read. This includes a survey of legal operations finding 56% have formalized metrics or reporting program and lists the top metrics tracked such as “total expenses by law firm for particular groups of matters.”
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What is the top metric? “Average total cost of case (loss + legal costs): 84% use it and 72% rate it effective.” Read this post to see the other four.
When thinking about implementing a budget process, it’s necessary to consider the various implications that stem from different strategic objectives. Corporate law departments can attack the challenge of budgeting from any of several different angles.
Although use of AFAs remains relatively flat as a percentage of matters and billings with alternative structures, the CounselLink ELM Trends report revealed the number of legal departments engaging – that is willing to experiment – in AFAs rose sharply: three quarters of legal departments are experimenting with alternative pricing.
Sometimes legal departments fall into the habit of adopting metrics that another company is using and while this may produce interesting metrics, they are not necessarily tied to your company objectives, according to Kris Satkunas. The key is to find out what’s really important, she says.
A consumer packaged goods company had more than 100 law firms in a panel to managed work ranging from product reliability to trademark protection. Managing a 100 law firms proved to be overwhelming and the legal department lost track of which firms they worked with, what type of work they sent to those firms and how much they were spending.
When we say most legal departments have some sort of “deployed technology” in some cases this might mean the organization has the maturity to request a budget. However that budget is probably managed by spreadsheets as opposed to being maintained in a system that allows for (automation-assisted) tracking. The benefit of keeping budgets in a system comes to light in vendor management.
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