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Most Important Reports for General Counsels

by PracticeLeague

There are various reports that the general counsel needs to track and review in order to make sure that the legal department is running smoothly and not going out of budget, while also handling all the matters in a timely manner.

For the most efficient running of the department, general counsels should track these important reports.

Spend v/s Budget

Every legal department has a pre-estimated budged that they need to adhere to. Lawyers need to track their spend cautiously, so as to not go over the limit. Keeping a track of the decided budget is one of the most important aspects of predicting and controlling costs.

With various matters going on at the same time, this tracking spend and validating lawyer invoices allows you to understand which matter took the most amount of money, and also sets a benchmark for what certain types of matters and cases should cost.

Outside Counsel Evaluations

The aim here is to evaluate the value that outside counsels and law firms are providing to you. This can be determined by a number of factors such as cost, performance, practice area knowledge, past history, etc. For better efficiency, this evaluation should be done periodically, as it will also help set a standard for your outside counsel. In case a matter comes up, you know exactly who to call to handle it.

Legal queue

Tracking the workload of the lawyers in the department can help in expertly allocating resources and tasks. Getting real-time updates of new matters, notices, complaints and being able to track their deadlines, status along with the MIS of all open matters, contingent liability schedule, spend to budget, lifecycle of a matter, average spend per matter, are all necessary as they can help in increasing efficiency.

PracticeLeague has a comprehensive Corporate Legal Department software that can help general counsel track these metrics and provide more insight into the workings of the department.

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