Legal departments are increasingly under pressure to manage their budgets effectively. With the dual challenges of expected legal contingencies and unforeseen events, legal leaders are tasked with maintaining stringent control over costs without compromising the department's ability to deliver. This session will focus on practical cost management techniques, drawing insights from corporate legal department leaders who have successfully implemented strategies resulting in cost savings and predictability. Discussion topics include: 

• How to construct and adapt a legal department budget that aligns with corporate financial goals while accounting for both predictable and unpredictable legal costs
• How integrating legal technology, including AI, can lead to significant long-term savings, heightened efficiency, and increased value from the legal department
• Methods for cost reduction that do not compromise legal effectiveness, including the utilization of alternative fee arrangements and leveraging technology for efficiencies
• Understanding the importance of forecasting in budget preparation and how to adapt the budget in response to legal department needs and external economic factors
• How expanding the parameters of legal departments and fostering interdepartmental collaboration can combat inefficiencies and control costs