The 'good old times' seem to be over for both in‐house counsel and private practice lawyers. Today, legal departments around the world have to exercise cost control, ‘do more with less', and are expected to save money and reduce risk. So particularly since the economic downturn, more and more legal departments closely monitor and analyse their spending, reengineer processes, build or rebuild work teams, hire legal process outsourcers for specific projects or tasks, and create tools that drive standardization, reduce risks, speed up cycle times, and increase efficiency.
In this article, Dr Silvia Hodges, the director of research services of TyMetrix Legal Analytics, discusses how in‐house counsel can save money and reduce risk by better understanding the primary goals of the legal department, business managers and the value proposition sought.
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