Fewer than 30% of companies made their law firms set a budget for tasks assigned to them. Let alone manage their actual performance to such a budget. 2023 Thompson Hine survey (p. 10 of 16). What other corporate function or business unit gets away with not having budgets for what…
The Point A judge’s ruling last week* illustrates which of the above two alternatives is better for the client company. The court, after reviewing a law firm’s bill in a bankruptcy case, found that AmLaw 100 firm Pillsbury Winthrop Shaw Pittman LLP** had overcharged its debtor client by about $1…
The Point 1. Historically, matters handled by law firms have comprised well over 50% of corporate Legal’s expenditures (Wolters Kluwer LegalVIEW Insights February 2023). 2. Though the vast majority (71%) of corporate clients want their outside law firms to create and manage to budgets on the matters they handle, only…
In about 60% of legal matters, the law firm doing the work fails to estimate the amount of money needed to complete the task, according to a recent BigHand technology survey described in The Artificial Lawyer June 28, 2022 issue. This has two harmful implications: 1. Lax cost control:…