When you have outside counsel it means you are taking services for which you pay only when you use them. When you engage outside counsel, your goal is likely to be how to manage legal expense control. If you have in-house counsel, you will pay whether you use their services or not.
Everyone wants to save the legal expenses while having outside counsel. In the following article, I will tell you the efficient way you can save your legal expenses.
Choose the right law firm
If you are willing to hire a law firm, make a list of the law firms. You should analyze the law firms’ reviews. Once you have studied the pros and cons of the law firms then choose the firm according to your demand. If you choose right outside general counsel outside counsel, you will have the right benefits at the right time.
There are different law firms, some of them only working on a specific niche. You should choose a law firm for you according to your niche. If you are an investor, then choose the firm which has a team of professional lawyers with corporate and financial expertise. In this way, you can cut the legal expenses. Because if you choose the random outside counsel, they are less bothered about your matters and have general knowledge about all the issues. They can increase your legal expenses.
Analyse yearly cost
You pay for the services of outside counsel. So, whenever you want to hire a law firm, you should examine the yearly cost a firm can charge you.
Some firms’ counseling fees are very high. So, avoid them and choose the firm with reasonable fees. It would help you to cut your overall legal expenses.
Consider outside legal suggestions
You should decide the billing policy with your outside counsel. If you have no billing policy, then your expenses can increase. You should read all outside counsel guidelines. When you decide on the billing policy, there will be a clear way of payment.
It makes you clear which things you have to pay or which are excluded from the fees. It can cut your legal expenses. You can read terms and condition of any law firm which will be good for you before choosing.
Organized the information
If you want effective communication with your outside counsel, you should organize all your documents in such a way that a lawyer can easily get the internal information and documents.
You can hand over all the data electronically to your outside counsel. As you know, outside counsel is not dealing only with your matters, they have many other matters in the queue.
Communicate business strategies in advance
If you share your business strategies in advance with your outside counsel. They can examine and make some decisions regarding your plans in advance. So, if you face any problem in the future, they will have an advanced solution to your problem. In this way, your expenses can minimize time as well.
Besides it, outside counsel exactly knows its core responsibilities towards your matters.
Standardized approach your approach
You should keep things simple. The right information at the right time avoids many difficulties and uncertainties.
If you provide clear information to your outside counsel then they will work properly. If you keep things simple and standardize your approach, you can get more predictable results and cut your legal expenses.
You can use e-billing techniques
E-billing is cost-effective even if the smallest legal department is using this billing method. If you use this method, you can track your monthly invoices electronically. The chances of mistakes in payments are less due to this tool.
It will also help in forecasting the money which outside counsel spend in the current month. You can also examine the track and analyze which issue was being addressed in the specific month at which cost.
For example, you can ask the outside counsel what you will have to spend in a month. because they know the current month’s expenses. They can give an insight into the expense. In this way, you can cut the legal cost to eliminate the extra things which you have done previously.
You should prepare a road map of your matters
As you know, you have many legal matters when you do any business. you should prepare the road map for your matters. An easy and comprehensive matter summary provides clear insights into your matters to your outside counsel.
A good and effective matter summary is necessary if you want to provide accurate knowledge to outside counsel. If you share the matters with your counsel in an ambiguous way, you will see the matter will be addressed not in the proper way and your expense will also be higher. Because there will be a communication gap between you and your counsel.
So, if you want to cut your legal expenses, always provide them with an effective and clear matter summary.
To conclude, if you want to cut your legal expenses on the outside counsel you should follow the above-mentioned techniques.