A Practical Approach to Legal Project Management


The difference between a trend and a fad, as one futurist put it, is that a trend matters. The entire legal profession is now trying to figure out whether legal project management is a trend or a fad.

LPM is the hot topic right now, sweeping through the collective consciousness of both law firm lawyers and in-house counsel like wildfire. This viral vogue is the result of dramatic changes in legal service delivery that place an unprecedented premium on improving the efficiency, predictability, and cost management of legal services.

The increased use of alternative fee arrangements, valued-based billing, convergence programs, and the broader use of RFPs and other competitive outside counsel selection processes signals that the times really are changing. In their quest to keep a tight rein on their legal spend, GCs are using fewer firms, farming out work to smaller firms, and turning their backs on the billable hour. To remain competitive, front-running firms are proposing innovative and often elaborate fixed-fee, flat-fee, and contingency-fee arrangements.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Pamela Woldow, Legal Leadership | Attorney Advertising

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