Legal Spend Management for Beginners
With the right approach, legal spend management can evolve from a chore to a strategic initiative that is enlightening, action-oriented, and significantly less painful.
Download the white paper now to learn the common pain points that frequently stress in-house Legal Departments and the five best practices to smarter legal spend management.
Download the white paper now
Why does legal spend management matter?
While it’s obvious that legal spend management matters to the CFO, its importance extends far beyond the realm of Finance.
Legal spend management carries implications for all of your stakeholders, including:
- The organization (and in particular, the C-suite and Board)
- The legal team
- Individual in-house lawyers
- Law firms
According to Xakia's Legal Operations Health Check:
Approximately 40% of in-house legal teams had real-time access to their legal spend. Two-thirds (67.2%) of Legal Departments said their matter budgets do not reflect “realistic expected expenditures” from their providers.
In-house Legal Departments are feeling the pressure
According to an Axiom survey, 98% of respondents reported budget cuts, while 99% report increasing volume and complexity of legal matters. So, is it truly the best use of your in-house lawyers and legal operations staff time to:
- Keep going back and forth with law firms?
- Review invoices line by line?
- Approve invoices (and sort a hodgepodge of related emails)?
- Upload invoices to various platforms?
- Send and explain bills to Accounting?
- Respond to “Has this been paid yet?” questions from law firms?
- Chase invoices to close out a matter?
We all know the answer. You have far better things to do!
Take control of your legal spend - download the white paper now
Download our Spend Management for Beginners white paper now to learn:
- What is legal spend management
- Why legal spend management matters
- Common spend management pain points that frequently stress in-house lawyers
- 3 key philosophies of spend management
- 5 steps to smarter spend management
- The big picture - a critical investment into your Legal Department
Download your free guide to smarter spend management
Achieve clarity on and control of your legal spend. Complete the form and download the Legal Spend for Beginners white paper now to get started.