Step into any corporate boardroom during an annual review, and when the talk turns to legal spend, you are certain to hear some talk about reducing costs and improving efficiency. Unfortunately, too often that’s as far as the discussion goes. But new data-driven approaches are turning good intentions to make better business decisions into reality.
Corporate legal departments are well aware that poor decision making around law firms, timekeepers and billing guidelines can have a real impact on a company’s bottom line. Those decisions can affect the viability of the whole company. That’s why you see more and more legal departments investing in legal spend management solutions, and relying on analytics and insights from their own spend data to inform decision-making around billing guidelines, law firm choices, case outcomes and more.
