Organisations across the globe are facing an increasingly complex, uncertain and demanding environment in which to operate and never more so than for their legal departments. Indeed, recent research reported that 85% of legal teams are prioritising the control of external legal spend to meet their organisations’ financial and strategic goals. While there is a consensus on the importance of controlling spend, the same research highlighted that the methods currently used by legal departments lack sophistication. While discounted rates and general billing guidelines can be effective, there is an opportunity to develop a more comprehensive approach to the engagement and management of outside counsel that will have a measurable impact.
Adopting a best practice approach to outside counsel management will enable legal teams to manage costs and risks better, enhance service delivery, ensure strategic alignment, and demonstrate value. To help General Counsels future-proof their legal function and introduce proven strategies and tactics, we have distilled best practice outside counsel management to incorporate the 8 principles discussed in this Best Practice Guide.
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