It’s been said that one of the most important developments in business and law in the last 25 years is the role of the in-house legal department. General counsel (GC) and the department are under great pressure and scrutiny to manage their expenditures and do more with less. Counsel will find LLM, Inc.’s latest white paper on budgeting know-how of interest, especially with increased expectation around effective analysis of internal budgets, identification of cost risk, and improving the forecast of future matter cost and annual spend.
With budgeting and project management becoming more important than ever, a department’s budget is an essential tool that provides the map to fiscal success and can help steer a department through unpredictable legal matter waters.
Decisions about litigation or investigation matters within the department and other recommendations in-house counsel makes to the CFO and board can have a significant impact on the overall health, finances and reputation of the company. If a legal department is tracking individual legal matter spend against budget and the department as a whole, then in-house counsel can offer some level of predictability on costs.
For budgeting basics, forecasting, metrics and more, LLM, Inc.’s current white paper is recommended and free to download.