In January 2015, Huron Legal released its IMPACT Benchmarking Survey on Law Department legal spend. In this video, Bret Baccus, senior director at Huron Legal, talks about some of the main points which arose from the survey.
No one factor, Bret Baccus says, helps with cost savings. What is needed is a comprehensive programme of legal spend management covering fee agreements, e-billing, matter management, budgets and other things.
Big companies now have better information derived from previous years’ experiences and 50% of them are using big data for rate negotiation. A combination of software tools for budgeting and project management, improved processes, and the appointment of managers dedicated to spend management is leading to significant reductions in legal costs for many big companies.