Want to Save Money On Outside Counsel? Scope Your Projects!
November 11, 2020
Scoping matters accurately is the key to saving money on your outside counsel legal spend without damaging valuable law firm relationships.
Preparing a detailed breakdown of the desired work, deliverables, and outcomes at the outset of a legal matter will inform expectations throughout the life of that matter. By reducing opportunities for scope and spend creep, the legal work remains the focus of the engagement.
Kicking off a matter with scoping may seem arduous, but the time investment can be minimized by using an RFP Platform. The information requested is narrowed to critical elements, facilitating an “apples-to-apples” comparison on price and quality for the law department and focusing law firm efforts away from document presentation.
No matter is unsuitable for scoping. Where the exact detail is unknown, an example scope can be prepared with figures and assumptions that allow the pricing to be easily extrapolated once you have a clearer understanding.
An effective process will include providing firms with the opportunity to submit questions to clarify any unclear aspect of the scope. A feedback loop helps ensure that you receive quality proposals that address your needs and offer competitive pricing.
The benefits of scoping require more than merely using a scoping tool. Achieving meaningful savings requires learning to use the tool adeptly. Inaccurate or poorly thought-out budgets might lead to initial pricing reductions, but over the longer term, those savings are unlikely to be realized, and the internal time spent correcting spend creep can be considerable.
There is no substitute for experienced advisors who can teach you best practices for scoping and guide you through how best to assess the differences between the proposals you receive.
Remember: attaining cost savings isn’t an event; it is a process conducted with the help of experienced professionals. It all begins with scoping your projects.
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