Shrinking Legal Budget? Extracting More Value From Your Department Could Be Easier Than You Think

One of the biggest fears General Counsel and Legal Operations Managers commonly experience is the potential for their legal budgets to get cut. Should their relevant stakeholders make such a call, the typical legal team’s ability to mitigate risk in an increasingly volatile period that the business world finds itself operating in, may subsequently be reduced.

Unfortunately, legal budget reduction fears are more than well-founded, with research body Acritas indicating as much as 45% of Australian corporates will reduce their legal spend in 2019. When you compare this figure to the global average – in which the proportion of legal teams expected to reduce their spend this year is only 24% – this negative fiscal scenario becomes more likely than not to affect you.

Related: 10 Ways to Run your In-House Legal Team Like a Business

On the plus side, there are many ways to extract more value from your legal department, some of which are well worth testing out. In this guide – ready to download via the form on this page – you’ll gain insight into the best-practices of efficient departments, leaving you with actionable ideas to implement the same for your legal team such as…

  • Increasing visibility: Whether you suspect a budget cut is coming or one has already come and gone, increasing your legal spend visibility is good way to handle both scenarios.
  • Planning ahead to gain hours: It’s easy to spend money when you are in a rush and this certainly applies to the dynamic of an in-house legal department. So if you’re looking to extract more value out of your legal team, knowing exactly what’s coming will enable you to reduce expenditure with more time on your side.
  • Streamlining processes for the win: The challenge you’ll want to overcome as a General Counsel or Legal Operations Manager, is none other than streamlining them to synchronize with the overarching goals for your department.

Legal Tracker is a highly specialised and cloud-based software solution built for legal departments of all sizes. Think of it as the go-to workspace for your team and external counsel to assist with managing matters, documents and e-billing. Request a demo and start generating increased efficiencies today!

The Legal Insight team is made up of our very own team of Thomson Reuters’ local and international journalists and editors. Our contributors offer a wealth of knowledge and thought leadership on the latest legal technologies and innovations, industry best practice and trends, and legislative and case law developments.

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