Litigation is time-consuming, stressful, and—in our experience—can produce early onset gray hair. But, most of all, it's expensive. Oftentimes, very expensive. But there are steps companies can take to control litigation costs and maximize the value of outside counsel.

Here are a few we've learned over the years:

1. Work together on the budget. When preparing a litigation budget, in-house counsel and outside counsel should work together closely. The process of creating the budget is oftentimes as valuable as the final written document itself. Discussing billing expectations, likely scope of discovery, the need for experts, expected motion practice and potential trigger points can all help maximize efficiencies and minimize unwanted surprises. Budgets should also be reviewed periodically and revised as necessary to account for changed circumstances. Litigation is predictably unpredictable, so budgets are only as good as the efforts put into creating and maintaining them.