INFOGRAPHIC: Better Budgeting Analysis, Better Predictability page 1

INFOGRAPHIC: Better Budgeting Analysis, Better Predictability

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  • B E T T E R

    B E T T E RBUDGETING 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

    theyre 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

    SPREADSHEETS64%

    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

    WERE AT A POINT IN THE INDUSTRY

    WHERE YOU GOTTA BE ABLE TO DO THIS. Vince Cordo, Global Sourcing Officer, Shell