When it comes to managing legal spend, merely cutting costs is not enough. In-house legal departments need to take a more strategic approach to legal spend management by aligning the department with the business objectives of the enterprise. This is a long-term approach that, when done correctly, can bring lasting benefits to the firm and its in-house teams.
While in-house counsel has taken several steps to control costs over the past several years, such as implementing e-billing, delegated work to firms charging smaller fees, brought more work in-house, etc., these traditional cost-cutting tactics are not enough. Reactive approaches, such as the ones mentioned, fail to gain the visibility into the spend data that Chief Legal Officers require to form the strategic insights that help them make decisions to win the long game.