Moving from spend management to predictive spend
Feel the pressure? That’s the corporate legal department being squeezed on all sides. These teams are facing exposure to greater legal risks, more complex matters, and more global matters than ever before — with flat budgets.
Meanwhile, the landscape in the companies they serve — as well as in the outside firms they work with — is changing fast. “The Great Resignation” and cultural shifts around work-life balance are creating staffing and talent shortages. Rates for outside counsel are skyrocketing. All this makes spend management a higher priority than ever.
Legal departments must become more effective managers of their budget and staff time, which requires robust data, useful metrics, and effective analysis. Technology can help stretch a legal department’s spend by providing data that goes beyond hourly rates and discounts to inform decision-making that creates a competitive advantage. With the right tools, these teams can practice at the top of their license, offering the highest value possible to their companies.
From this white paper, you will learn:
- The state of law department technology
- What best-in-class spend management solutions look like today
- Challenges and opportunities for your department