As companies consider ways to control spending in 2009, many are choosing to reduce outside counsel costs by bringing more work in-house. Despite layoffs in virtually all areas of the economy, major corporations have found that boosting their in-house team can have long-term cost-cutting benefits.
According to a Chief Legal Officer study released late last year, 75 percent of respondents said they expected budget cuts in 2009, with most of the cuts directed at outside counsel spending. Some will find it necessary to increase law department headcount in order to manage the additional workload.
For companies that choose, however, to refrain from hiring additional lawyers, the budget cuts will likely result in expanded responsibilities and higher expectations for efficiency by in-house lawyers.
Here are some tips on how to work smarter:
- Maximize the use of paralegals
- Develop a strong working relationship with your HR team to minimize labor and employment issues through training and compliance
- Embrace and use technology – now is the time to become an expert on software solutions, electronic invoicing or matter management
- Practice preventive law through training, dispute resolution procedures, contract administration and document retention policies
Budget cuts and efforts by law departments to do more with less this year may provide an opportunity for in-house counsel to diversify areas of expertise and broaden skills, which might come in handy someday.
