Legal Management Insights

Psst -- can we talk for a minute?  I’m talking to all of you that work in corporate legal or risk departments that are utilizing a legal spend management (“LSM”) or legal bill review program.  Hopefully by now, you are taking full advantage of its services.  And if you invested in a quality LSM program (wink wink) then you should be experiencing custom invoice processing and review of your outside counsel invoices, line entry categorization for each fee and cost line reviewed, tailored business intelligence reporting, and personalized consultation services all available for you to better understand, manage, and optimize your legal spend strategy.  But now what - do you find yourself wondering what else Quovant does that can help you?  If so, then read on.

So, you successfully implemented your legal spend management solution and are starting to see a reduction in your legal expenses that results from participation in a bill review program. Great…now what? Although many that employ a legal spend management program do so for the instant hard dollar savings, the true benefit of a legal spend management solution is the actionable insight that comes from increased visibility into your data. Let’s explore a few ways you can begin taking advantage of the business intelligence reporting even without a trend-worthy amount of data.

You just returned from a risk management conference and are expected to share your findings with the team in a debriefing meeting later today.  During the conference you overheard many conversations and saw exhibits on the value of legal spend management (LSM).  This is clearly a trend worth mentioning, but you’re still unsure why you need it; after all, your company partners with a third party administrator (TPA) to manage its claims. 

If you surveyed a group of people from corporate legal and risk departments and asked them evaluate their outside counsel, the majority would probably think they were up for the task. However, if asked to outline the criteria they use, fewer would be able to do so. 

We all know it is important to have standards that gauge outside counsel’s management of your claims, but do you know why or how to accomplish this?