Litigation costs continue to rise year after year and are consuming an increasing percentage of revenue. According to a 2011 Fulbright & Jaworski study, 61% of respondents expect their litigation costs to remain the same and 28% expect them to rise substantially – as such, approximately 90% of the market, regardless of the vertical, see their litigation spend increasing. This challenge places greater demands for companies to control litigation spend. Much emphasis is spent on addressing the outside counsel “billable hour” cost since it consumes a majority of legal budgets. First Legal Network has identified specific ineffectively resourced areas of spend where there are opportunities for significant savings realization. This report identifies where costs can be contained while delivering remarkable ROI to corporations.
Key Business Value Findings
It is no surprise that one of the primary concerns for corporations today is the way outside counsel manages litigation spend. Furthermore, based on Fulbright’s Annual Litigation Trends Survey Report, over 83% of companies are unsatisfied with outside counsel’s ability to manage litigation spend.
The key areas addressed are as follows:
- Budget Forecast Reliability
- Pricing and Alternative Fee Flexibility
- Overall Cost Management
Until now, companies have had little success in controlling how outside counsel manages litigation spend. First Legal Network has identified an innovative way to address this.