We created BusyLamp to remedy the challenges of working with outside counsel. In-house counsel has historically had difficulties with the rising costs of legal services, matter management, and communications with outside counsel when it comes to legal billing. By eliminating these obstacles and helping reduce the costs of legal services, as well as the friction between in-house counsel and outside counsel, we hope to fulfill a pressing need.
Even many otherwise highly sophisticated CFOs and financial departments have a hard time estimating expenses and doing the fundamental accounting and bookkeeping they need to control costs and keep outside counsel appropriately reined in.
Hiring outside counsel to handle urgent, time-sensitive work (or even ongoing, non-sensitive projects) can be heartburn inducing, particularly if you’re tasked with keeping your team’s financials in line and reducing costs. Here are five battle-tested tips for making sure that the money that you do spend on outside counsel is spent wisely and that you get an appropriate return on any investment.
Outside Counsel Management 101: How Often Should You Review the Performance of Your Outside Counsel?
Whether you task outside counsel with predictable ongoing requirements, or you and your team send work out on an ad hoc basis, you need metrics to track performance as well as processes to keep your budget in line and deliverables appropriate.