Even with the greatest level of talent on your in-house legal team, you will at some point, need the services of external counsel. When an organization rates its outside law firms, selecting just the right data might be a challenge. Business leaders may not be lawyers, so it may be necessary to rely on the self-assessment of firms to determine the “health” of their programs.
But does it need to be that subjective? Hard data is an essential tool when it comes to performance evaluation. There are specific metrics organizations can use to evaluate law firm performance. While it may not be “all about the money,” these key metrics can provide insight into how your panel handles its work and the value of the results you receive.
Your legal e-billing is an important way to track and monitor your legal
spend. It is how you know how much your legal services cost, but
also what outside counsel is doing and how they are performing. This
should give you ample information to decide how to manage these
outsourced professionals. With the right e-billing software, you can
bring powerful insight into this area of your business.
When it comes to managing your organization’s legal spend, it’s important to set expectations with outside counsel clearly from the onset to avoid confusion and expensive surprises. This in-depth white paper will provide some useful ideas and insights to help you get a better handle on your legal spend.
Timekeeper Authorizations – Authorizing timekeepers builds accountability into your relationship with outside counsel.
Billing Guidelines – The utilization of legal billing guidelines has become the norm in the day- to-day invoicing processes of law firms. General Counsel willing to enforce billing guidelines can increase savings and promote accountability of tasks billed.
Alternative Fee Agreements – Managing legal spend when firms bill on an hourly basis can be challenging. Some companies are using alternative fee agreements (AFAs) to deal with these challenges.
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