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INFOGRAPHIC: Better Budgeting Analysis, Better Predictability

Corporations and firms continue to balance practicing law with different needs including successful budgeting and predictability. Learn tips from corporate experts in this infographic.

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INFOGRAPHIC: Better Budgeting Analysis, Better Predictability

  1. 1. B E T T E R B E T T E R BUDGETING ANALYSIS MORE THAN JUST PRACTICING LAW BUDGETING BASICS PREDICTABILITY not only plays a central role in cost-saving automation and integration, it also delivers insight into budgets and facilitates their effective management. WHETHER COMPANY OR FIRM, EVERYONE LIKES COST PREDICTABILITY. BUDGETS CAN HELP MAKE IMPORTANT, INFORMED DECISIONS. “Corporate legal teams have to use the same rigor as other departments in understanding the budget and legal spend. They have to be able to predict what they’re doing next year and show the efficiencies to justify their existence.” – Paul Meyer, Managing Counsel E-Discovery, Willis Towers Watson PRO TIP expectations and scope proportional to task or matter. PLAN TECHNOLOGY COMMUNICATE THE LINES OF COMMUNICATION IDENTIFY a budget (the anticipated cost and time of a matter). plan and expectations to inside and outside team. Consider including these metrics when reporting. TIPS FOR SUCCESS FOR FIRMS TRACK USE spend consistently and accurately. technology. OUTSIDE V. INSIDE SPEND LITIGATION EXPOSER BY MATTER Matter Matter type Firm Fee Arrangement Cost driver “There are tools out there to help understand and manage budgets. KEEP IT SIMPLE.” – Vince Cordo, Global Sourcing Officer, Shell “A proactive client on performance and budget is an important part of managing litigation and staying on budget.” – Paul Meyer, Managing Counsel E-Discovery, Willis Towers Watson PRO TIP PRO TIP SPEND V. BUDGET BY CATEGORY: METRICS TREND ANALYSIS FOR: Diversity Jurisdiction Judge Win/Loss Expenses REPORTING: THE BIG PICTURE SURVEY SAYS! 1%-10% 18% 36% 11%-25% 26%-50% 9% 36% DO NOT USE AFAS LEGAL SPEND OR MATTER MANAGEMENT SOFTWARE 18% 9% EMAIL/PHONE CALLS SPREADSHEETS 64% 9% EBILLING/INVOICE SYSTEM ONLY What is your top budgeting priority? $ $ "Firms that are proactive in outreach and communication on tracking budget against spend are the most successful, bar none." – Vince Cordo, Global Sourcing Officer, Shell PRO TIP Act as a partner to clients. Interact with clients as frequently as possible with data and info that adds value to all levels. Track and report actuals more often than every 30 days because a lot can change in that time frame. Get the full on-demand webinar at http://bit.ly/LLMbudgetwebinarWANT MORE? What percentage of litigation matters does counsel use AFAs for? How do you communicate and track spend between inside and outside counsel? The chief legal officer and in-house team are shifting to address different needs, including budgeting and advising the C-suite and board. In order to manage outside law firms, GCs need to develop strategic and business knowledge, financial skills and collaboration, plus explore AFAs. Firms also need to focus on lean management, improving their productivity skills and providing more value to their clients. 21% ACCOUNTABILITY 79% PREDICTABILITY The results from participants in a recent webinar we hosted “WE’RE AT A POINT IN THE INDUSTRY WHERE YOU GOTTA BE ABLE TO DO THIS.” – Vince Cordo, Global Sourcing Officer, Shell

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  • NinaHutchinson

    Mar. 31, 2017

Corporations and firms continue to balance practicing law with different needs including successful budgeting and predictability. Learn tips from corporate experts in this infographic.

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