Legal departments worldwide are experiencing slashed budgets. It seems every company wants its attorneys to do more with less.
And this isn't the only form of pressure they are experiencing. According to the 2021 EY Law Survey, (a fascinating read - we highly recommend it!) in-house legal departments are being counted on to enable growth, deliver faster contracting, and transform risk management.
It’s clear: The industry is going through a massive transition period. And instead of sticking with old approaches, legal departments need smart alternatives to continue to thrive.
Lawtrades is one of those alternatives. Here’s why Lawtrades aligns with the needs of a legal department in 2021.
GCs want data that firms struggle to provide
The EY Law Report showed that 61% of CEOs want their company to take a more data-driven approach when analyzing risk management. Why? Well, they want greater transparency and an increased use of technological standardization processes. Fair enough!
GCs know this, of course. They have often asked law firms to collect and deliver data. But they have been left frustrated as far too many law firms, which often claim they don’t have the necessary tools for such reports, remain analog.
Cost-Management is a priority
Cost management has always been a vital tool for legal departments, but now it’s more important than ever. The EY Law Report recognized that 88% of GCs are looking to reduce the overall cost of the legal function due to internal pressure from both the CEO and board members. Plus, Thomson Reuter’s 2021 Report on the Legal Market reported that controlling the costs of outside counsel is identified as a high priority by 89% of legal departments.
It’s much easier said than done, particularly when we think about pandemic-induced workload increases! (Some 79% of lawyers have seen an increase in workload due to the pandemic.)
So how can legal departments keep within budget but still get the work done? Let’s take a look ...
New ways to outsource
Traditionally, law departments have relied on external lawyers to complete tasks outside of their expertise. But, as we all know, this can quickly become very expensive. Needless to say, that’s not exactly the best route when cost management is key.
So more and more legal departments are seeking the help of alternative legal providers to fill their legal needs.
- The use of these alternative legal providers has increased by 72% since 2019; in 2021 85% of GCs said they utilized these services.
Alternative providers can keep costs down, particularly when GCs limit the number of providers used. Some 72% of general counsel believe that consolidating spend into fewer providers can achieve significant savings, giving a GC clear visibility on what is being spent, and where.
- GCs want sophisticated data to improve processes regarding risk management and cost management.
- They want to save on expenses.
- They’re using alternative providers more than ever.
In assessing these various needs and trends, it’s clear it is time to retire traditional sourcing strategies and move toward alternative legal providers.
And this is where Lawtrades comes in!
At Lawtrades, it’s simple. We provide BigLaw quality legal talent at less than half the cost. By focusing on data-driven analytics, we match the talent that fits your needs without requiring upfront fees or requirements. Instead, we offer a flexible pay-as-you-go model that offers real-time work updates, and full spend analytics.
Our programmatic hiring model is integrated from interview to invoice and provides access to vetted talent within minutes of signing up. Plus, once an opportunity is accepted, Lawtrades handles the entire back end. We integrated everything from signing of contracts and enrolling in benefits, to timekeeping and timely payouts in the app.
Want to give it a go, but not sure about the commitment? At Lawtrades, we start every engagement with a 2-week trial period so you have time to ensure the talent is the right fit. If you’re satisfied with the results, we'll continue the engagement and bill you for the time. If you’re not satisfied, you won’t be billed and we’ll make sure to provide you with another talent who may be a better fit, and begin another, no-risk trial.