Once upon a time corporate legal departments enjoyed a singular exemption from financial accountability. Lawyers, possessed of unique skills in arcane and impenetrable areas of expertise, were expected to be constantly assessing a changing regulatory and legal landscape. The legal process–transactions and litigation–involve uncontrollable vagaries and variables that were thought to make expense management nearly impossible. With high stakes cases and deals, no expense was to be spared. Predicting costs and adhering to pre-set budgets was not important when spending constraints might present unacceptable risks. Moreover, many corporate lawyers came to the job from law firms where they had been given the same carte blanche to solve their clients’ problems, and had little or no background in business and finance. Controlling costs and creating budgets was a job for bean counters, not lawyers.

Fast Forward

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]