Legal Cost Containment 5 11 2010

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Provides overview of factors impacting cost and delivery of legal services to corporations, insurers, and others

Provides overview of factors impacting cost and delivery of legal services to corporations, insurers, and others

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  • 1. Claire Louis For Society of CPCU - Central New Jersey Chapter May 11, 2010 1
  • 2.  The economy  Transforming change  A major shift: the client as driver of legal costs  Legal cost-control practices  Considerations  Resources  Discussion 2
  • 3.  Legal budgets cut by 10% to 25%  Focus on predictable legal costs delivering greater value  Increasing shift from billable hours to AFAs  Convergence: consolidation of matters with fewer law firms  Companies moving to smaller law firms with lower rates; larger law firms feeling the pressure  Is this a cycle or will the changes become permanent? 3
  • 4.  Global forces are radically changing the way law firms and companies do business ◦ Technology ◦ Legal process outsourcing ◦ Off-shoring ◦ Influx of private equity: 2007 U.K. Legal Services Act ◦ Legal education  Corporations are leading the charge 4
  • 5. The new focus is on how legal services are delivered. 5
  • 6.  Law firm panels  Negotiated billing rates  Case budgets  Legal billing guidelines  Electronic billing 6
  • 7.  Use project management and workflow analysis to introduce efficiencies into the litigation process  Outsource routine, repetitive legal work such as document review and contract drafting to lower- cost offshore law firms (Rio Tinto)  Leverage knowledge-sharing tools to reduce redundancy  Emphasize performance and cost- effectiveness when evaluating law firms 7
  • 8.  Be a leader: educate yourself about the innovations in legal services delivery and identify opportunities for reducing your company’s legal costs  The key to achieving optimal legal cost- control results is a long-term relationship with the law firm built on mutual trust: start the dialogue now! 8
  • 9.  The Association of Corporate Counsel web site, www.acc.com, provides substantial public information on the ACC’s Value Challenge project for increasing the value of legal services from outside counsel.  Law 21: Dispatches from a Legal Profession on the Brink, www.law21.ca, a blog authored by Joshua Furlong, consultant on legal services delivery 9
  • 10. DISCUSSION 10
  • 11. Claire Louis Insurance Claims Consultant claire_a_louis@yahoo.com 201-675-1141 11