5 Cost-Cutting Strategies For Corporate Legal Departments
Law360 (October 20, 2020, 3:39 PM EDT) -- Corporate legal departments have long been focused on reducing legal spending. The emphasis on cost-cutting has only increased in 2020 as the economic uncertainties of the pandemic have caused companies to scrutinize expenses across the board.
According to a recent report from the Corporate Legal Operations Consortium, 61 cents of every dollar spent on legal costs in 2020 goes to external legal costs — a 15-cent increase from 2018. This uptick, combined with the year's novel challenges, has many legal departments looking for new ways to control legal expenses beyond reviewing line items, which has proven to be ineffective for many...
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