Certainly, Hollywood portrayals of law firms’ by-the-hour billing practices are exaggerated. But it’s a fact of life that the legal industry rewards inefficiency: the more hours billed, the more fees collected. Things are changing, however: Because inefficiency is unacceptable in the current economic climate, GCs, as clients, are more and more requiring their outside counsel to budget and scrupulously control costs.

Enter the era of litigation budgeting. Once a time-consuming drudgery confined to attorneys in the insurance-defense segment, litigation budgets have become a trend among, first, the nation’s financial institutions and, more recently, the domestic and international Fortune 500.

This content has been archived.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 Advance® 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]