Results ❯  Legal & Compliance Consulting Solutions ❯  Developing New Sourcing Strategies to Reduce Legal Spend

Situation

A global energy company was looking to streamline sourcing strategy and reduce external spend.

Solutions

Morae Global developed a comprehensive legal services sourcing strategy that:

  • Extensively reviewed the company’s existing spend on all legal service providers.
  • Categorized the portfolio of work based on value, risk and effort involved.
  • Developed new resourcing strategies and price points (based on market benchmarks) for each type of work.
  • Refined the outside counsel policy, staffing and billing guidelines.
  • Documented roles and responsibilities for all internal and external resources.
  • Provided advice on negotiations with the law firms.
  • Updated existing electronic billing processes to incorporate alternative fee arrangement workflow and guidelines.
  • Built analytics to gauge and improve the effectiveness of alternative fee arrangements.

Benefits

With newfound clarity around sourcing, staffing and retention policies and a cultural shift toward better financial discipline and accountability, the law department was able to reduce and better predict its legal spend.

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Morae Global is trusted worldwide to transform legal, risk and compliance through results-oriented and technology-enabled solutions, and reinvent the legal function as an efficient and integral part of the business value chain.

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