Legal Department’s Internal and Outside Counsel Expenditures Expected To Rise in 2015
BETHESDA, Md- (Jan. 12, 2015) – Reflecting the need for more in-house support, a third (34%) of surveyed Chief Litigation Officers reported an increase in the size of their internal litigation teams during the past year, according to the new 2015 Corporate Litigation Data Survey, developed by Consero Group—an international leader in creating high-level, invitation-only events for senior executives—in partnership with Serengeti Law, a Thomson Reuters business.
In addition, 58 percent of surveyed executives said they believe their legal department’s internal expenditures will increase over the next year, while 46 percent expect to increase their expenditures on outside counsel.
Tough economic conditions continue to pressure corporate legal departments to become even more efficient and better manage legal spend, as reported by an overwhelming 72 percent of survey respondents increased over the past year.
“Given the current levels of corporate risk and an ever-increasing volume of complex litigation, it has been essential for Chief Litigation Officers to strengthen their internal litigation teams,” said Paul Mandell, Founder & CEO of Consero. “With most Chief Litigation Officers under increasing pressure to rein in legal spend, managing budgets will be an ongoing challenge in 2015.”
Use of E-Billing and Metrics to Manage Costs
The survey also found a growing majority (58%) of respondents use a third-party e-billing system to process, report on and control outside legal spending more efficiently. Among those who leverage e-billing software platforms, 79 percent report tangible savings of up to 25 percent in annual outside counsel spend, and 21 percent reported even higher levels of savings. Regarding the use of metrics in the year ahead, more than three-quarters (78%) said their legal departments plan to collect both internal and external general budget report data in 2015.
“Legal e-billing has become mainstream technology for the most effective law departments, yielding demonstrable cost-saving results,” said Rob Thomas, Co-Founder of Serengeti Law and Vice President, Strategic Development for Thomson Reuters. “As Chief Litigation Officers face increasing pressure to manage budgets, those who take advantage of the insights revealed with effective use of e-billing and metrics will be the ones returning the greatest value to their companies.”
Additional Findings Included:
The 2015 Corporate Litigation Data Survey was conducted in conjunction with an invitation-only event hosted by Consero Group in October 2014 for Chief Litigation Officers from Fortune 1000 companies. A total of 55 responses were recorded.
Founded in 2010, Consero Group is an international leader in creating industry-specific events for senior-level executives in industries that include: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR, Procurement, among others. With operations in the U.S. and in Europe, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.
About Serengeti Law, a Thomson Reuters business
Serengeti Tracker, the highest-rated and most widely used system for legal matter management, e-billing, and analytics drives worldwide best practices across corporate law departments, increasing control, reducing spend and driving collaboration – internally and with outside counsel. Working with more than 800 corporate legal departments and 34,000 law firms across 192 countries, we understand the challenges you face each day. And together, we help you solve them. Built by lawyers, for lawyers, Serengeti is a trusted advisor to our clients, providing business solutions to legal problems. Serengeti Tracker delivers 5-15% ROI in the first year while optimizing results across the business of law. To find out more, visit the Serengeti website.
Mark Allen & Company