External Legal Spend Management – Controlling “Rate Creep”
Background
It would be a safe bet to assume that almost every in-house lawyer and CFO in the country expresses concern about managing external legal spend. A material amount of effort is spent with external legal service providers about managing rising legal costs. However, typically this focuses solely on the current rate structure being offered. This is only one part of a well defined legal services delivery platform. In addition to articulating the current fee structure, an intentional approach to fee reviews is necessary to effectively manage the effect of “rate creep” (the year over year increase of fees without . . . [more]
