CorpCounselor

CorpCounselor Legal and Business Consulting

US companies are projected to spend $219B on outside legal services in 2025. Our review shows that legal bills have bill...
01/09/2025

US companies are projected to spend $219B on outside legal services in 2025. Our review shows that legal bills have billing errors average (BEA) of 20%!

What's your legal BEA?

11/28/2024

**Event Recap: Hidden Figures Forum - Finding Savings in Legal Billings**

We had a stimulating and insightful discussion on the intricacies of outside counsel billing, uncovering key challenges and solutions:

With US companies projected to spend $219 billion in 2025, the industry-standard overbilling error rate of up to 20% represents a significant cost issue. Organizations are juggling and struggling to address the hidden overbilling problem in their legal spend.

**Balancing Act:** The relationship between inside and outside counsel is both crucial and complex. In-house counsel must juggle their duty to employers while maintaining vital industry connections.

**Resource Strain:** Time-strapped internal teams often struggle to effectively review legal invoices, lacking the expertise needed for thorough evaluation.

**Mistakes Happen:** Outside legal firms typically focus on billing systems that maximize efficiency in collecting billable information from legal resources, but not necessarily on efficient delivery.

**Third-party Solutions:** Utilizing third parties to identify overbilling issues and recoup overspending can help preserve critical industry relationships and relieve time-strapped internal resources.

**Proactive Approach:** Adopting a program-level view of retaining outside counsel leads to catching billing errors before invoices are paid, maximizing legal billing efficiency and ensuring that every dollar spent on legal services represents full value received.

This event shed light on the importance of efficient legal billing practices and catching problems before the bill gets paid. Thanks to everyone who joined us in this critical conversation!

As the year-end approaches, now is the best time to review and optimize legal department spend. Join us for an exclusive...
11/01/2024

As the year-end approaches, now is the best time to review and optimize legal department spend. Join us for an exclusive executive forum designed to help your company uncover hidden cost-savings and cost-recoupment opportunities within your legal bills. Click here to register. https://bit.ly/48rOZza

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