Cost Savings Through Legal Procurement

As rates for law firms continue their inexorable rise, a legal procurement function may assist a company in achieving savings in its legal spend:

“For many years, GCs and in-house attorneys resisted the influence of legal procurement. Meantime, legal spending for many companies grew as litigation risks increased, government oversight required more detail, and rates increased as major firms competed on pay for top legal minds. Now resistance to the concept is softening, and it is not uncommon for a Fortune 500 company procurement department to have multiple individuals dedicated to sourcing legal services. …According to the survey, companies making even minimal use of procurement professionals save an average of 11 percent on their legal spend. That number reaches 23 percent for companies that devote more effort to the process.”

Read: Cost Savings Through “Legal Procurement” at Today’s General Counsel

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