According to a recent survey of GCs and CLOs by Corporate Counsel Business Journal, Exterro and the Blickstein Group, the best way to control legal spend is by negotiating discounted rates. However, in a commentary in the survey report, longtime industry consultant Brad Blickstein cautions corporate counsel not to confuse negotiation of rates with a strategic approach to cost reduction. Rather, he says, in-house counsel should pursue tighter partnerships with outside firms by integrating them into day-to-day operations. “Rather than battling over rates all the time,” he writes, “make them a partner and incentivize them based on what you value. Such a strategic approach will be much more effective in the long term.” Read more about spend control, data privacy and e-discovery practices in corporate law departments in the 4th Annual Study of Effective Legal Spend Management.
Published June 22, 2020.