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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.

Because Gut Instincts Aren’t Enough

Imagine a world where engineers build bridges a certain way because “it just feels right,” or doctors prescribe a course of treatment based on a hunch. There would be a huge outcry, and rightly so, and it’s very much the same in a legal department.

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