5 Ways to Reduce Legal Spend in 2017

As in-house law departments continue to try to reduce their legal costs, we wanted to provide five points summarizing summarizing some of the trends we are seeing.

  1. Work with Alternative Legal Service Providers
    • According to a report released this month by Thomson Reuters, 60% of corporate law departments use an ALSP, usually for projects that the in-house team has determined aren’t the sort where they would look to outside counsel. ALSPs help in-house counsel reduce costs and also meet needs for specific expertise. FLEX can find you the experienced legal talent you need, fully vetted by our team and backed by a major law firm.
  2. Grow Your In-House Law Department
    • Four times as many law departments plan to increase their in-house lawyer workforce this year as those that plan to decrease it per the Chief Legal Officer Survey published by Altman Weil in November 2016. With FLEX, you can work with our attorneys before extending a permanent offer — allowing you to ascertain whether there is a long-term fit.
  3. Alternative Fee Arrangements
    • Nearly half the respondents in the Altman Weil survey reported they had successfully asked for an alternative fee arrangement. These can include blended rates, volume discounts, and/or retainers. FLEX offers flexible, customizable plans and predictable legal bills with no surprises.
  4. Contract Management Systems
    • Keeping contracts organized is critically important for companies at all stages of development, particularly in advance of M&A activity and for publicly traded companies. Legal departments are increasingly utilizing third party software products to centralize and automate contract tracking and administration and to comply with contract requirements and regulations.
  5. Legal Project Management
    • Legal project management continues to be a growing trend driving greater efficiency and cost effectiveness. Many in-house departments have recently added legal project managers to their teams.

Comment below and let us know your thoughts on trends in the legal industry. For more information about FLEX, please contact us at info@flexbyfenwick.com.