Plaintiffs’ counsel offer ten tips for reducing outside counsel costs on litigation matters.
Continuing the “lists” theme: nine suggestions for reining in e-discovery spend are worth considering, given recent estimates that the amount of electronically stored information will double or triple every 18-24 months.
New study shows that clients are sending out less work but paying more: “Clients bought fewer hours but on average they paid 6.5 percent more for the hours they purchased.”
The six largest U.S. banks have incurred $103 billion in legal costs since the financial crisis, more than they paid in dividends in the past five years.
Large U.S. insurer launches Asia-Pacific panel review. They are “particularly interested in law firms that could provide training for its directors on regulation, risk management and governance….with the company having considered the use of a reverse auction process in an attempt to lower legal fees.”
Commentary on BigLaw’s business model, including this statement on associate attrition: “Hire less, train more, keep them longer. It used to be a firm investment to train people, not a client subsidy. It morphed into armies of young lawyers doing clerical work, with the cost passed on to clients and a profit to the firm. Clients don’t let firms do that anymore.”
Tech audits: crowdsourcing more ideas for testing your outside counsel’s technological competence.
Some law departments are moving beyond cost reduction initiatives to purposefully pursuing financial recoveries.
In-house leaders, are you participating in this LPO survey?