July 22, 2021
LegalVIEW Insights: Are CLDs without mature e-billing systems overpaying for outside legal counsel?
Reports from top law firms indicate their revenue grows almost every year, up to 8% in recent years. But data shows that corporate law departments (CLDs) on Wolters Kluwer e-billing systems, on average, basically aren’t paying a dime more than they were six years ago in total outside legal costs.
How can this be? Well, it could be because CLDs with legal ops and mature e-billing—CLDs like Wolters Kluwer clients—have gotten really good at “playing defense,” preventing unreasonable cost increases, and moving work to cheaper options when appropriate. In contrast, a recent report suggested that 91% of private equity firms—companies that drive a lot of the revenue growth of the Am Law 100 and especially the Am Law 25—don’t even have e-billing, let alone legal ops.
Are these companies overpaying and basically subsidizing legal costs for the rest of the civilized world? In this session, three legal ops veterans will share their views on the above and more, including an exploration of the extreme volatility in legal spend seen in individual CLDs and how those CLDs can turn that volatility to their advantage during the annual departmental budgeting process.
- Nathan Cemenska, Associate Director Product Manger, Wolters Kluwer ELM Solutions
- Tiffani Hamilton-Huynh, Legal Operations Manager, DHL Supply
- Chain Don Knight, Director, Legal and Tax Operations, Crown Castle