The legal department in most companies is a cost centre and a significant one. The financial risks and management resources taken up by litigation can be high, therefore maintaining the legal department budget when litigation is involved is a common challenge. There are time, money and stress savings that can be made for in-house counsel. Read on to find out how:
Defined Data Systems
Ineffective data storage is driving up legal costs by stalling litigation response time.
Advance planning with a clear process of storage and ownership of data. Plus staff training on privilege and key document handling can avoid inefficiencies.
Stay Informed
Litigation trends can spread through industries, wrecking havoc in unprepared legal departments.
Current information on litigation trends and industry-specific regulatory changes is essential for a proactive General Counsel to respond efficiently.
Inter-department collaboration
Unfavourable terms can often be missed in contracts until it’s too late and a costly dispute has already arisen.
Implement a formal communication pathways that requires transaction lawyers to seek input from relevant litigators.
Get Litigation Finance in Place
Litigation takes up room on the balance sheet, often avoided where possible irrespective of the merits.
Litigation Finance can monetise litigation, turning the legal department from a cost centre into a profit line.
Be prepared
Pre-organised process for responding to unexpected legal issues e.g. investigations and lawsuits.
Have a well-prepared, well trained team and detailed process in place who are ready to respond
Implementing these practices can save time, money and stress, making a more profitable, efficient and smooth-running legal department. If you would like to understand more about how various litigation finance products can be part of your solution, please contact us to arrange a call to discuss your individual needs.
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