Often, it’s hard to even quantify the value generated from hired legal counsel, and several studies point to controlling legal costs as being a top priority for corporations. Here are 10 ideas for managing your legal spend and maximizing value.
1. Recognize that law firms are not “one-size-fits-all.” A law firm managing your patent portfolio may not be equipped to handle employment litigation. Your small but important matter may be low priority for a firm accustomed to multi-million-dollar deals. A large case might demand extensive e-discovery or economic consultants, resources a larger firm might offer in-house. Recognize firms are not “one-size-fits-all” and narrow the field of candidates.
2. Identify firms with appropriate experience and talent. Legal matters may require deep knowledge of substantive law; or in-depth industry knowledge; or trial or arbitration skills. Sometimes, a generalist with breadth of experience can best handle the matter. A firm with the right know-how will spend less of your money getting up to speed.
3. Identify firms that understand your business and business goals. A law firm should understand your business and industry and how the matter falls within your business strategy. Is it a bet-the-company case, a vindication of your company’s name, or a mere annoyance? Clear communication reduces pyrrhic victories.