For many legal teams and their clients, the last six months have negatively impacted already tight budgets. Without the right parameters in place, then, forecasts are meaningless, and surprises become the rule, not the exception.
But there are approaches attorneys can take to verify that the assumptions used in forecasting exercises are accurate. These include:
Embracing Data Analytics
Data analytics is a powerful tool, one that can help attorneys make more informed decisions about their litigations. Going on gut instinct alone leaves the strategy vulnerable to risk. Utilizing analytics to help guide strategy development can help firms verify facts and historical data. By assessing certain data points, such as outcomes from previous cases or overall costs of similar matters, attorneys can uncover real-time insights that can help them make near-term decisions with higher confidence.
The collected data also has utility beyond informing case strategy. It can be used for:
• Preliminary case assessment
• Tailoring individual-specific discovery
• Determining those cases with meritless claims
These are all useful tools that help further contain costs and increase efficiency in the litigation process.
Implementing Budgeting & Forecasting Measures
Crafting a detailed and informed litigation budget (and monitoring it in real-time) helps to set and manage client expectations. When client and attorney aren’t in sync, trust can quickly erode. The budget – and its accuracy – are essential to ensuring a successful relationship and outcomes. Additionally, budgeting and forecasting can provide firms with the opportunity to evaluate options for managing those projected costs – ultimately leading to more informed and strategic decisions regarding how matters are handled.
You deserve to work with a litigation support partner that understands the way you work.
MRC has built a global reputation as a reliable partner and has been selected as a preferred vendor by many of the largest pharmaceutical and medical device companies in the world.
With our customized budgeting tools, financial reporting and data analytics capabilities, clients can better control, predict and plan for litigation costs, as well as develop successful legal strategies that lead to favorable forms of resolution.
|Do you have 20 minutes to connect?|