Company-wide demands for cost savings and efficiency are forcing corporate legal departments to do more with less. This requires general counsel to take more control over their relationships with external law firms as they look to run their departments more efficiently. The goal is to optimize these relationships so that they provide the most value for price. Doing so requires transparency into pricing and staffing practices.
General counsel can glean some insights from their own billing data, allowing them to cut costs and work more efficiently. But to find out how their legal operations and law firms compare with those of others in their industry, GCs are beginning to use large, market-wide data sets for comparison and analysis.