Legal spend reduction any CFO can embrace
Convincing the C-suite of the value of law department management technologies
“Why does the law department think it needs new technology to manage its work when the rest of the company is cutting back?” Recent press articles 1 have chronicled how corporate CFOs are becoming more concerned with controlling legal costs, which each year take an ever-greater bite out of company budgets. However, law departments that want to improve their systems often ﬁnd it challenging to justify the expense in response to questions from their CFOs. The purpose of this white paper is to help in-house counsel bridge this gap by translating legal process improvement into a value proposition that will resonate with the CFO.
Corporate financial control
In the post-Enron era of Sarbanes-Oxley and other new regulations, the CFO has become a lightning rod for concerns related to the company’s internal ﬁnancial controls. With increased enforcement leading to possible criminal conviction, as well as substantial ﬁnancial penalties, compliance with ﬁnancial reporting regulations has become a central concern in the C-suite. Ironically, because lawyers generally are more attuned to practicing law than to managing the business aspects of law, the law department is often one of the last company departments to put systematic ﬁnancial controls in place.
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