Meeting the challenges of legal departments head on: part two
By Rob Thomas
Thomson Reuters Serengeti recently brought you the first of a three-part editorial series looking at why legal departments are increasingly turning to work management solutions to cut costs and increase efficiencies. This second instalment assesses ways of convincing the chief financial officer (CFO) that new technology can do more than merely provide a return on investment.
For many legal departments, investing in new technology to manage their work is a difficult proposition when the rest of the company is cutting back. Recent press articles have chronicled how corporate CFOs are becoming more concerned with controlling legal costs, which each year take an ever-greater bite out of company budgets. However, legal departments that want to improve their systems often find it challenging to justify the expense in response to questions from their CFOs. Translating legal process improvement into a value proposition that will resonate with the CFO is a delicate task. Many legal departments manage significant volumes of legal spending and legal exposure with a cobbled-together array of spreadsheets, files and basic reports that require manual updates (including legal bills, correspondence, e-mails, court filings etc)…
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Briefings from Thomson Reuters
This first instalment highlights the importance of implementing a legal department management system.
In this final instalment, Thomson Reuters looks at the steps a new general counsel can follow in order to make a significant impact in the legal department.