Managing a legal budget is more challenging than ever in 2024, with law firms increasing their fees due to rising operational costs. In-house counsel need to take strategic actions to ensure that their legal spend is both efficient and aligned with the business’s goals. One of the key recommendations from Axiom’s 2024 report is to implement robust billing guidelines to prevent unexpected costs.

Billing guidelines help in-house teams set clear expectations with their external partners and provide a framework for reviewing invoices. This reduces the likelihood of disputes and ensures that fees are fair and transparent. Additionally, regularly reviewing the performance of external counsel allows in-house teams to ensure that they are getting the best value for the services provided.

By being proactive and clear about billing practices, in-house legal teams can better manage their budgets, reduce unnecessary costs, and maintain strong relationships with their external legal providers. Effective management of legal budgets is critical to staying on track in a time of rising costs.

Read Further: Axiom Law