In today's challenging economic environment, corporate legal departments face increasing pressure to control costs while maintaining high-quality legal services. This session will provide legal professionals with practical strategies for managing outside counsel spend effectively. Participants will learn how to implement cost-saving measures, negotiate favorable fee arrangements, and utilize technology to enhance transparency and efficiency. Discussion topics include:

• Cost drivers and primary factors that contribute to outside counsel costs
• Analyzing historical spend data to pinpoint areas for potential savings
• How to establish clear budget expectations and guidelines for outside counsel; and implement a budget process that includes regular monitoring and adjustments
• The rise of AFA’s including fixed fees, capped fees, and success fees; and their benefits
• Best practices for utilizing legal spend management software to track and analyze outside counsel invoices How data analytics can help you gain insights into spending patterns and identify cost-saving opportunities