INFOGRAPHIC: Better Budgeting Analysis, Better Predictability

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    14-Apr-2017

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<ul><li><p>B E T T E R</p><p>B E T T E RBUDGETING ANALYSIS</p><p>MORE THAN JUST PRACTICING LAW </p><p>BUDGETING BASICS </p><p>PREDICTABILITY</p><p>not only plays a central role in cost-saving automation and </p><p>integration, it also delivers insight into budgets and facilitates </p><p>their effective management.</p><p>WHETHER COMPANY OR FIRM, </p><p>EVERYONE LIKES COST PREDICTABILITY.</p><p>BUDGETS CAN HELP MAKE IMPORTANT, INFORMED DECISIONS.</p><p>Corporate legal teams have to use the same rigor as other departments in </p><p>understanding the budget and legal spend. They have to be able to predict what </p><p>theyre doing next year and show the efficiencies to justify their existence.</p><p> Paul Meyer, Managing Counsel E-Discovery, Willis Towers Watson </p><p>PRO TIP</p><p>expectations and scope proportional to task or matter. </p><p>PLAN</p><p>TECHNOLOGY </p><p>COMMUNICATE </p><p>THE LINES OF COMMUNICATION </p><p>IDENTIFY</p><p>a budget (the anticipated cost and time of a matter).</p><p>plan and expectations to inside and outside team.</p><p>Consider including these metrics when reporting. </p><p>TIPS FOR SUCCESS FOR FIRMS</p><p>TRACK</p><p>USE</p><p>spend consistently and accurately. </p><p>technology. </p><p>OUTSIDE V. INSIDE SPEND </p><p>LITIGATION EXPOSER BY MATTER </p><p>Matter</p><p>Matter type</p><p>Firm </p><p>Fee Arrangement </p><p>Cost driver </p><p>There are tools out there to help understand and manage budgets. </p><p>KEEP IT SIMPLE.</p><p> Vince Cordo, Global Sourcing Officer, Shell</p><p>A proactive client on performance and budget is an important part of </p><p>managing litigation and staying on budget. </p><p> Paul Meyer, Managing Counsel E-Discovery, Willis Towers Watson </p><p>PRO TIP</p><p>PRO TIP</p><p>SPEND V. BUDGET BY CATEGORY: </p><p>METRICS TREND ANALYSIS FOR: </p><p>Diversity</p><p>Jurisdiction </p><p>Judge</p><p>Win/Loss</p><p>Expenses </p><p>REPORTING: THE BIG PICTURE</p><p>SURVEY SAYS!</p><p>1%-10%18%</p><p>36%11%-25%</p><p>26%-50%9%</p><p>36%DO NOT USE AFAS</p><p>LEGAL SPEND OR MATTER MANAGEMENT SOFTWARE</p><p>18%</p><p>9%EMAIL/PHONE CALLS</p><p>SPREADSHEETS64%</p><p>9%EBILLING/INVOICE SYSTEM ONLY</p><p>What is your top budgeting priority?</p><p>$</p><p>$</p><p>"Firms that are proactive in outreach and communication on tracking </p><p>budget against spend are the most successful, bar none."</p><p> Vince Cordo, Global Sourcing Officer, Shell</p><p>PRO TIP</p><p>Act as a partner to clients.</p><p> Interact with clients as frequently as possible with data and info that adds value to all levels.</p><p>Track and report actuals more often than every 30 days </p><p>because a lot can change in that </p><p>time frame. </p><p>Get the full on-demand webinar at http://bit.ly/LLMbudgetwebinarWANT MORE?</p><p>What percentage of litigation matters </p><p>does counsel use AFAs for? </p><p>How do you communicate and track spend </p><p>between inside and outside counsel?</p><p>The chief legal officer and in-house team are shifting to address </p><p>different needs, including budgeting and advising the C-suite and board. In </p><p>order to manage outside law firms, GCs need to develop strategic and business </p><p>knowledge, financial skills and collaboration, plus explore AFAs. Firms also need to focus on </p><p>lean management, improving their productivity skills and providing more value to their clients. </p><p>21%ACCOUNTABILITY</p><p>79%PREDICTABILITY</p><p>The results from participants in a recent webinar we hosted</p><p>WERE AT A POINT IN THE INDUSTRY </p><p>WHERE YOU GOTTA BE ABLE TO DO THIS. Vince Cordo, Global Sourcing Officer, Shell</p></li></ul>

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