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How to Maximize Legal Spend
|By ACN Newswire
|August 1, 2014 12:56 AM EDT
NEW YORK, NY, Aug 1, 2014 - (ACN Newswire) - Interviews with William Crosby and Frederick Egler, speakers at the marcus evans Chief Litigation Officer Summit Fall 2014, taking place in Palm Beach, Florida, September 14-16, 2014.
- William Crosby, Vice President and Associate General Counsel, Interpublic Group
The most important thing a Chief Litigation Officer (CLO) can do to maximize legal spend is to really understand his or her department. That starts with being comfortable that the department is properly sized and identifying areas where it makes sense to hire internally rather than to use outside counsel. It also requires understanding how each lawyer utilizes his or her time to identify how best to improve efficiency. Greater efficiency can come from using vendors and non-lawyers for certain tasks, and from deciding what matters should be kept in-house and which ones are best left to outside counsel.
Since outside counsel costs are a major area of spend, it is important to develop partnerships with outside counsel where they understand your business and your need to contain costs. A great place to start is in developing retention and billing guidelines and by encouraging outside counsel to be creative in considering opportunities for cost savings, including with alternative fee arrangements.
It is also important to sit down with your main outside firms periodically to consider the relationship and improvements that can be made in the delivery of services.
- Frederick Egler, Chief Counsel, Litigation, The PNC Financial Services Group
Active management by in-house counsel is the key to effective litigation cost control. When the in-house lawyer selects counsel, makes a preliminary evaluation of the matter, and reaches agreement with outside counsel about strategy and handling, expense management must be a prime consideration.
While it is usually not practical for in-house counsel to master every detail of each litigation matter, counsel must anticipate, understand and manage the events in the case that are likely to have the greatest effect on total expense.
Sophisticated reporting tools and alternative fee arrangements are two tools that can be useful in litigation expense management. Using billing software to compare the relative efficiencies of multiple law firms provides important guidance in selecting counsel. "Not to Exceed" and other flat or segment fee arrangements, particularly when keyed to specific billing codes, can create significant savings and avoid surprises.
About the Chief Litigation Officer Summit Fall 2014
The 14th Chief Litigation Officer Summit is the premium forum for bringing leading in-house litigation counsel across the nation together with service providers. Taking place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, September 14-16, 2014, the Summit includes presentations on privacy and social media, alternative approaches in litigation, outside counsel management, and making the law department into a profit center.
For more information please send an email to [email protected]
or visit the event website at www.chieflitigationofficersummit.com/WilliamCrosby-FrederickEglerInterview
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- YouTube: www.youtube.com/MarcusEvansLegal
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Please note that the Summit is a closed business event and the number of participants strictly limited.
About marcus evans Summits
marcus evans Summits are high level business forums for the world's leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com
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Source: marcus evans Summits
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Tel: +357 22 849 313
Email: [email protected]
Copyright 2014 ACN Newswire. All rights reserved.
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