In-House Paralegals

Many law department leaders complain that outside counsel will submit a budget at the outset of a matter or case, but then not stick to it.  Equally troublesome, law firm attorneys will frequently become aware of circumstances that will drive costs out of line with original projections and not inform their clients about such developments.   To say the least, corporate attorneys are not happy campers when having to report budget-busting “surprises” to company management or business units.

One major law firm has announced its commitment to end this problem through a custom-designed application that allows both in-house and outside counsel to monitor how legal fees and expenses are tracking against established budgets.  See the article in the Tampa Bay Business Journal about the Budget Management Tool now offered to clients by Foley Lardner.  Reportedly the firm invested about half a million dollars in developing the software.

This is how the firm’s website describes Foley’s –

PROJECT MANAGEMENT AND BUDGETING CAPABILITIES

The team’s knowledgeable attorneys use detailed due diligence checklists to help clients break down complicated projects into manageable components. We assist in the creation of a realistic budget for the size and scope of the project, its goals, and client expectations.
 
We use our “dashboard” budget management tool to communicate with clients about a project’s progress: how projections are being met, where budgeted spending stands at any given time, and whether complications have arisen which may require client attention. By remaining in constant touch with our clients, we eliminate the surprises that often arise when unexpected obstacles threaten a project’s on-time, on-budget status, and afford them the opportunity to make critical decisions about the project’s direction.

This innovative tool provides clients with:

• A graphical presentation of the budget and schedule
• A projected budget summary
• Real-time, task-level budget detail
• Timekeeper detail, including the ability to track each team member’s time

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We would like to hear from you if your law department has experience in using this new facility? Does it offer the cost predictability you want? Are there additional reporting functions you would like to have? Would your in-house legal team encourage other firms to develop similar budget-tracking tools?