The partnership between a chief financial officer and general counsel can leave both parties wanting more. A CFO needs to predict and control expenses in every department to help a company sustainably grow. A general counsel hopes to gain a more prominent seat at the corporate table. Yet the historic difficulty in tracking legal spending can hinder both goals.

By developing a formula to budget and forecast legal expenses with far greater accuracy, on the other hand, the CFO and general counsel can strengthen their partnership. CFOs can gain more insights and predictability from their legal departments. General counsels can become more of a strategic business partner and leave their limited role of chief risk manager behind.