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7 Ways to Manage Cost Pressures in Your Legal Department

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Immense cost containment pressure has affected businesses big and small since the start of the COVID crisis. As company executives evaluate spend category inefficiencies with a keen eye, the need to optimize legal spend is more urgent than ever. We’ve heard from experts across industries that data will be their guiding North Star.

 

Bodhala is here to help.

Bodhala’s team of legal experts have identified the seven areas you can drive change within your legal department:

  • Tracking and centralizing rate card increases
  • Enhanced bill review
  • Matter RFPs
  • Timing of invoices
  • Litigation management
  • Broken M&A deals
  • Monitoring key law firm health during COVID
 

 

With this in mind, our clients have leveraged the Bodhala platform to pivot accordingly and steer their teams through the following challenges:

  • An energy company needed to reel in legal spend as the industry faces a severe slowdown.
  • A leading insurance carrier was using thousands of firms, but did not have a sustainable way to provide meaningful feedback on firm cost and quality on a regular cadence.
  • A prominent financial institution’s law firm rates were consistently increasing above inflation, but the company’s legal team did not have the capacity to negotiate rates while executing mission-critical work.
  • A private equity firm wanted to review legal invoices with heightened scrutiny and let their law firms know bills were being reviewed in great detail.

 

View this on-demand webinar or read our webinar recap blog to find out how Bodhala helped these companies navigate cost pressure challenges.

ABOUT BODHALA

Bodhala is a groundbreaking legal technology platform created by lawyers to transform the half-a-trillion dollar global legal industry. Our platform refines organizational processes by empowering your legal team with deeper insights that allow you to better analyze, interpret and optimize outside counsel spend, trailblazing a new era of legal market intelligence. We’re built on data – and how we develop it, how we utilize it and how we analyze it for the benefit of our customers sets us apart. Our proprietary benchmarking metrics and rate review algorithms generate detailed insights into every aspect of legal spend. An intuitive dashboard puts the information you need to make more cost-effective decisions about legal service providers at your fingertips, effectively boosting efficiency and reducing your bottom line.