With litigation budgeting "what gets measured is managed" - Nicholas d'Adhemar, Founder & CEO, Apperio #BurfordCapital #legalfinance #litigationfinance #budgetmanagement bit.ly/3MRq0fB

The #AmLaw200 firms posted a collective 4.1% revenue growth in 2022, easily outpacing the 2.7% gains the AmLaw100 firms had, while also besting them in revenue per lawyer, profits per equity partner and most other financial metrics used to measure success. ow.ly/mjm450Ouy04

“Legal ops would have to go out to each of the individual instructing lawyers, ask them what matters they had going on, and then go out to the law firms working on those matters to get the spend data by email.” buff.ly/3XSUJLF #legalops #legaloperations

.BTI Consulting Group "asked law firm leaders what keeps them up at night" -- here are the answers in rank order: 1. success 2. talent 3. recession 4. cyberattacks 5. merging the firm 6. succession planning buff.ly/43rItVH

“Are you planning on adopting any new #legaltech solutions in your department to improve efficiency in the next 12 months?” -41% yes; -26% no; -16% no “because recently adopted a new legal technology solution;” -17% they weren’t sure. Source: 2023 ACC CLO Survey

“The single biggest driver was having transparency and clarity on what we’re spending. We needed to know what was being spent, where it was being spent and have the ability to manage that with real-time access." >>> buff.ly/421f1od #legal #legalops #legaloperations

Ten Things: How In-House Lawyers Can Survive and Thrive in Times of Uncertainty and Change buff.ly/3MUAeMi via Sterling Miller

“These initiatives have enabled Royal London to use data to drive improved and proactive decision-making. It has led to the legal operations team facilitating material cost savings, with a proportion re-invested in further legal technology.” >>> buff.ly/3FLZLDT

Amid rising cost pressures, seven in 10 (70%) legal chiefs say #legaloperations is the most important initiative for their legal departments. Followed by: 45% right-sourcing of legal services; 43% cost minimization; 41% litigation defensibility; Source: 2023 ACC CLO Survey

“Apperio has also made it easier and more efficient for us to keep track of legal spend without having to ask for updates. Our work can now be followed by logging in and seeing this directly in Apperio.” >>> buff.ly/3NKE6jH

As an in-house lawyer, Chevapravatdumrong said he and others have had to fight the perspective that “legal is just a cost center.” buff.ly/3IyQWhS via Bloomberg Law

“We are quite close to the law firms on our panels, and we treat outside counsel as an extension of the in-house team. Software tools that help you to have an open conversation is key to managing those relationships.” >>> buff.ly/45w0wfh

"When it comes to controlling #legal costs, it’s tempting to begin by aiming to cut external fees before examining in-house affairs....yet most corporate clients aren’t merely looking for the lowest-cost service providers." >>> buff.ly/3ou58Sh via The Global Legal Post

7 in 10 CLOs say #legalops is the most important strategic initiative (ACC survey). Apperio supports this with a #legaltech platform that allows you to take a proactive approach to spend. Click here to learn more or schedule a demo: eu1.hubs.ly/H052fJJ0

70% of CLOs say #legaloperations is a top priority (ACC survey). Help legal ops help you achieve your #legal spend management goals with Apperio. Click here to learn more or schedule a demo: eu1.hubs.ly/H052l0f0

5 #inhouselegal pros describe the benefits they get from Apperio: 1. Free up admin time 2. Bring predictability to #legalspend 3. Data-driven legal decisions 4. See all spend in one place 5. Clarity for both client and law firm Read more: eu1.hubs.ly/H052jxR0

The flaw in #legal cost control isn’t price, it’s opacity. Studies show clients are willing to pay for good counsel, but they want predictability and predictability requires transparency. Read more: eu1.hubs.ly/H052hJp0

A #legalops team for a financial organization with ~$500B AUM improved the frequency and accuracy of their #legalspend reporting. Monthly reports that took 2 days now take 2 hours; and Annual reports that took 4 weeks now take 2 days. Learn more: eu1.hubs.ly/H052mY20

Legal cost-cutting strategies like discounts are arbitrage that leads to chronic underfunding of the #legaldepartment. Here are practical #legalspend optimization ideas we spotted in a report by @lexfusion eu1.hubs.ly/H052mYh0