Law departments are often considered cost centers for the business, not revenue generators. However, there is a variety of ways to change this perception and allow law departments to collaborate with business clients to add to the company’s bottom line. This panel examines some of the programs and strategies that in-house counsel can use to reduce legal spend and generate revenue. Topics discussed will include affirmative recovery programs (for example, monitoring contractual performance and intellectual property infringement), third-party litigation financing, licensing IP or other valuable assets, investments in new technology, and creative legal matter staffing. This ACC panel also examines how to build relationships with business clients to create and implement successful programs involving them and how to track and communicate law department profitability and performance.
Law Department as Profit Center