10 Ways to Squeeze More Value Out of Your Legal Costs

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.