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A discussion of Michael Tucker's strategy to shift the dialogue from viewing the Avis legal department as a cost center to the legal department as a revenue driver and [...]
A new tool using International Business Machines Corp.'s Watson is hard at work for in-house legal departments with the goal of significantly reducing outside counsel spend. So far, use of "Outside Counsel Insights," or OCI, has been limited to legal departments in the financial services industry, according to Brian Kuhn, co-founder and leader of IBM Watson Legal. But with the potential to save as much as 30 percent on annual outside counsel spend, it's no surprise that the tool has piqued the interest of some of the largest companies in that field.
Legal departments need to consider their operational maturity model to determine which aspects of eBilling a legal department is ready for.
Ignoring the headline, the article provides some focus on machine learning to make better sense of legal spend data. Machine-learning powered data classification is providing better insight into internal and operational data, but it has yet to spread to all areas of legal work.
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.