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Do You Know Where You Are Spending Your Legal Budget?

by PracticeLeague

Tracking your legal budget is a must as going over what has been allocated can have a major impact on the company’s bottom line. But without knowing where your legal spend is going how can you really estimate this?

Most legal departments don’t have a systematic way to keep a track of the budget at any given moment and thus end up having a blocked view of their spending, and have a problem with accurately estimating the next year’s budgeted amount.

Using a Matter Management software can aid in this by helping you track internal and external expenses along with a detailed view of your contingent liability schedule. You can validate counsel invoices against the budget and agreed rates and compare spending on a year to year basis.

Knowing where your legal spend is going will also provide you with more insight into matters which are costing you the most and what different law firms are charging you for similar activities.

A legal software will also help you find out how much budget is remaining and how much has been utilized, and can even alert you when a matters spend goes over the budget.

Budget-to-actual comparisons are also made much simpler as you will have a crystal-clear view of all the transactions, allowing full visibility and the ability to foresee any problems and in turn implement changes that can help.

PracticeLeague offers a robust platform for all the needs of a legal department. Not only can it aid you in keeping track of your legal spend, but will also help automate processes, track court updates, sync documents, generate on-demand reports and much more.

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