Photo Credit: stevendepolo
Managing the cost of doing legal business
Paul Mandell, InsideCounsel
Creating and managing a legal budget is among the most vexing tasks handled by a general counsel. As lawyers, we are rarely trained to serve any sort of financial function, and few legal departments have their own internal finance staff. However, a legal budget is a must for any sophisticated legal team. Accurately preparing your business for the costs associated with legal work takes time and careful consideration, and doing so through the development of a budget is a critical part of professional legal-department management. Over the last few months, I have had a chance to speak to a number of general counsel and those who advise them regarding best practices for the in-house law department budgeting process. A few tips gleaned from those discussions are set forth below:
