Attention:
Card image cap

Managing Outside Counsel Spend: Strategies for Corporate Legal Departments


Level: Intermediate
Runtime: 58 minutes
Recorded Date: November 18, 2024
Click here to share this program
Printer-Friendly Version

Agenda

  • Evolving role of General Counsel
  • Key pillar of resource optimization: Flexibility
  • Benefits of leveraging external legal resources
  • Overcoming challenges to seamless integration
  • Maximizing value with external legal counsel
  • Takeaways

For NY - Difficulty Level: Both newly admitted and experienced attorneys

Description

In today's challenging economic environment, corporate legal departments face increasing pressure to control costs while maintaining high-quality legal services. This session will provide legal professionals with practical strategies for managing outside counsel spend effectively. Participants will learn how to implement cost-saving measures, negotiate favorable fee arrangements, and utilize technology to enhance transparency and efficiency.

Discussion topics include:
  • Cost drivers and primary factors that contribute to outside counsel costs
  • Analyzing historical spend data to pinpoint areas for potential savings
  • How to establish clear budget expectations and guidelines for outside counsel; and implement a budget process that includes regular monitoring and adjustments
  • The rise of AFA’s including fixed fees, capped fees, and success fees; and their benefits
  • Best practices for utilizing legal spend management software to track and analyze outside counsel invoices How data analytics can help you gain insights into spending patterns and identify cost-saving opportunities

Provided By

General Counsel Conference

Card image cap

Similar Courses

Card image cap
64 minutes
"I Am Not a Cat" Proceedings in a Virtual World
Besides becoming a pop-culture catchphrase, how has the shift to a virtual environment impacted proceedings over the last year, and what changes do you believe are here to stay? Our panel of experts will examine some of the greatest challenges, faux pas, and successes in virtual proceedings over the course of this transformative time.

Women, Influence & Power in Law Conference

$65

Add to Cart
Card image cap
63 minutes
2021: The Year of the ELM
Panelists will clarify what constitutes an ELM platform, examine its unique and compelling capabilities, and discuss its strategic and tactical advantages, particularly those stemming from data-driven insights and machine-driven decision making. Attendees will gain a clear understanding of the significance of the emergence of ELM solutions, what firms and law departments can achieve with ELM platform, and practical and ethical considerations related to adopting an ELM solution.

Legalweek

$65

Add to Cart
Card image cap
76 minutes
360-Degree of Investigation - A Roundtable Discussion Regarding Investigations of Debtors and Recovery of Assets
This panel of lawyers and insolvency professionals with bankruptcy expertise will lead a roundtable discussion regarding investigation of debtors and recovering assets to enhance the value of a bankruptcy estate.

American Bankruptcy Institute

$95

Add to Cart
Card image cap
58 minutes
5 Ways Agreement AI Can Enhance Performance and Reduce Risk for Your Legal Team
In high growth companies, contracting pain points can make your organization less competitive. Fortunately, your legal team has access to world-class, robust AI solutions that can help enhance performance of the legal team and avoid common business pitfalls. If deployed correctly, contract AI can be a legal team’s best friend - shrinking the knowledge gap across years and silos, acting as a digital assistant to automate repetitive tasks, and arming lawyers with tools that help them be proactive rather than responsive.

Legalweek

$65

Add to Cart
Previous Next