Change In The Legal Climate: Budgeting And Project Management - Why budgeting and project management are more important than ever

Explore:  Project Management UK

The top three demands from chief legal officers, according to a 2013 survey by Altman Weil, are “more efficient project management,” “improved budget forecasting,” and “greater cost reduction” — all of which can be controlled by budgeting and project management. General counsel are under more pressure than ever from management to “sell” their budgets, and every budget is being cut in the current economic climate; thus, they have become savvy about strategy, costs, and managing their litigation and outside counsel like any business project.

Yet, if pressure from clients and costs is not enough, perhaps court intervention will motivate law firms. In the United Kingdom, through the Jackson reforms implemented in April 2013, courts intervened in the budgeting process by requiring counsel to submit budgets for approval. The Jackson reforms should encourage law firms in the U.S. to manage and budget more effectively before it becomes a government priority.

Originally published in Inside Counsel on July 1, 2014. Republished with permission.

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