Hi all, I am part of the legal team of a reputed company. There are 5 of us in total. We handle the company's litigation with the assistance of external counsels, draft and vet agreements in-house, and manage trademark-related matters globally with the direct involvement of local counsels in respective countries.
Cost Reduction Initiatives for Legal Teams
Now, my question is, how can we bring down the costs incurred by the company within our limited scope? What initiatives can we, as a legal team, undertake to reduce the company's expenses?
Kindly advise. Thanks in advance.
From India
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1Cost Reduction Initiatives for Legal Teams
Now, my question is, how can we bring down the costs incurred by the company within our limited scope? What initiatives can we, as a legal team, undertake to reduce the company's expenses?
Kindly advise. Thanks in advance.
From India
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In most companies, legal departments are very small. A minuscule percentage of revenue is spent on this department. Yes, cost-cutting is the mantra everywhere; however, worrying about the costs of the legal department is taking a microscopic view.
Whose initiative is it to cut costs in the legal department? Is it a thrust from above or your own decision? What is the nature of your business? What is your finished product or service? Does your company track the direct and indirect costs of each department? Are you sure that your company is not falling into the trap of the famous Hindi proverb, "Chini Ki Chori Ho Rahi Hai aur Namak Ki Rakhwali Ho Rahi Hai," loosely meaning "penny wise and pound foolish"?
To understand the cost-cutting measures in your department, we need to comprehend the workings of the department. Without complete information, it will not be feasible to provide any solutions.
Thanks,
Dinesh V Divekar
From India, Bangalore
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Whose initiative is it to cut costs in the legal department? Is it a thrust from above or your own decision? What is the nature of your business? What is your finished product or service? Does your company track the direct and indirect costs of each department? Are you sure that your company is not falling into the trap of the famous Hindi proverb, "Chini Ki Chori Ho Rahi Hai aur Namak Ki Rakhwali Ho Rahi Hai," loosely meaning "penny wise and pound foolish"?
To understand the cost-cutting measures in your department, we need to comprehend the workings of the department. Without complete information, it will not be feasible to provide any solutions.
Thanks,
Dinesh V Divekar
From India, Bangalore
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