White Paper

Managing Your Legal Spend

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.
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White Paper Summary

Below are four ideas to help you get a better handle on your legal spend.

Idea One: Timekeeper Authorizations

Authorizing timekeepers builds accountability into your relationship with outside counsel.

Here are three important considerations:

Is paying your timekeepers an hourly rate the best way to manage your legal spend?

For some types of law, perhaps not. Many organizations have found success with flat fees and alternative fee arrangements for transactional and regulatory  matters where the work being performed has little risk of unexpected outcomes or additional legal work. For adversarial litigation like auto liability or workers’ compensation, the hourly statement of your defense counsel will give you a clear idea of progress made on your case and the type of work being completed. This can be invaluable in keeping you apprised of the ongoing activities of litigation.

Are you hiring a lawyer or a law firm?

If you have a small pool of matters there is no substitute for personally vetting your outside counsel and maintaining a long term relationship with them. With only a few lawyers to keep up with, rates should be set individually or by position. If your attorneys are responsive and get good results, you will want your matters to continue to be handled by them. In this instance, your  organization will need to have an individual to approve rates, a process for accepting rate increase requests, and a method to monitor and track rates to insure that the approvals are being respected.

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For more information on Quovant, please visit: https://www.quovant.com/.

At Quovant, we’ve spent 26 years analyzing outside legal spend and performance, so you don’t have to. We’ve turned millions of hours and billions of dollars of legal bill review into proven software and services that manage spending and spot new sources of savings. And because we know every legal and risk management team has different needs, you can choose from a turnkey cloud solution to manage your own legal spend and matters or tap our experienced team powered by proven technology to do it all for you.

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