In a recent survey of in-house counsel conducted by Ari Kaplan Advisors and sponsored by Recommind, an e-discovery software company, 44% reported that their litigation strategies are impacted by e-discovery costs and only 28% believed that their outside counsel provided sufficient insight about e-discovery spend. So, how do consumers of e-discovery services get a handle on e-discovery costs? By tracking legal cost and e-discovery metrics.
As explained in a great article by Sterling Miller, a seasoned corporate counsel now with the law firm of Hilgers Graben, but formerly in-house with American Airlines and Travelocity, “[a]fter taking care of your team, nothing is more important than being able to successfully manage your [legal] spend. . . . Being able to demonstrate that you are paying close attention to costs and that you are thoughtful in what you are spending and why, will make conversations with Finance (and the CEO) go much easier.” As Miller’s article points out, the best way to monitor legal costs is by tracking metrics.
It is no secret that a large chunk of litigation costs nowadays relates to e-discovery. So, over the coming weeks, we will offer up suggestions about what e-discovery metrics to monitor and explain why it is a good idea to do so. In the meantime, below is an infographic of detailing e-discovery and legal spend metrics to consider tracking. The forthcoming articles will delve into each category in more detail.
In the meantime, if you would like to hear more about how we can help track your e-discovery metrics and costs, please let us know.