Identify Immediate Cost Savings Opportunities To Reduce Legal Spending
Legal Spend Management Rapid-Analysis Solutions
No longer viewed as an untouchable cost, corporate legal departments are under significant pressure to do more with less and are investing in resources to manage those costs. Epiq’s Legal Spend Management team helps clients identify and act on cost savings opportunities by offering a range of services, technology, and consulting. We are the only vertically integrated spend analysis team, capable of both identifying cost savings opportunities as well as immediately implementing those recommendations.
With our proprietary data science models, our spend analytics experts, and our Legal Operations Dashboards hosted on the Epiq Service Cloud, Epiq’s Legal Spend Management team has developed multiple rapid-analysis solutions to help you find and act on cost savings opportunities. Our models include:
- Litigation Spend Analysis: A deep dive analysis of outside counsel litigation spending, which has helped our clients transform their Discovery programs and achieve up to 30% cost reductions.
- Outside Counsel Guideline (OCG) Audit: An expert-led, data science audit of your outside counsel spending, compared to your OCGs and best practices.
- Transformational Review: A comprehensive analysis of your outside legal spend to identify immediate cost reductions as well as sustainable long-term savings through alternative staffing or in-sourcing
Strategies to Make Your Department Best in Class
Epiq has cataloged a library of over 50 top operations and spend management strategies drawn from our experiences across discovery, information governance, contracts, intellectual property, and legal operations. Our consultants will work with you to evaluate these strategies in the context of your legal department, and help you prioritize the initiatives that will create the greatest ROI for your organization.
Use Legal Spend Management to Know Where to Save
Data Driven Insights that Drive Action
Nearly every legal department has savings opportunities in their legal spending. Our experts analyze your data to create a clear line of sight into what is spent and where cost savings efficiencies can be achieved. We leverage industry benchmarks to back your business case to leadership, so you can confidently communicate the business impact and measure your success.
Bringing Advanced Analytics to Spend Management
Drawing on our deep expertise in data science in Litigation, we’re layering machine learning and NLP into our spend management solutions, so we can enrich your data, pinpoint cost savings at a granular level, and help you analyze your spending against value rather than costs alone.
Legal Spend Management Solutions
Epiq’s complimentary Strategy Workshop is a collaborative session hosted by Epiq experts that will introduce new law department leaders to foundational cost savings strategies and will give mature legal department executives insight into cutting edge solutions.
Our Three Step Approach begins with a simple pre-meeting questionnaire to gather information on the current state of your department, followed by a 90 minute session to benchmark your department against industry KPIs and Epiq’s own data, and jointly develop a strategy document to prioritize your key transformational initiatives.
Epiq’s Spend Analysis provides corporations insight into your company’s outside legal spending. We apply our proprietary data science models to enrich your billing data at the granular level and identify opportunities to eliminate waste, right-source work, and reduce costs by >15%.
Managed Invoice Review
Law departments are burdened by outside counsel invoices, which take time to review and comply with your Outside Counsel Guidelines (OCGs). Epiq’s Managed Invoice Review solution lightens that administrative load for your approvers and eliminates billing friction, while saving you money.
Our experts work with your department to redesign and streamline your OCGs, then use those guidelines to develop a review protocol that represents your preferred rule enforcement approach to be applied. Although we leverage Epiq’s proprietary models to identify >15% in savings, our expert-in-the-loop process ensures that your preferences and exceptions are thoughtfully considered. All invoice adjustments made by Epiq will be entered into your eBilling system. This gives your attorneys the final say in what gets paid, and your legal department retains a complete set of data that our spend management experts use to monitor your spend and identify new transformational opportunities for your legal business.
Legal Operations Dashboards
Hosted on the Epiq Service Cloud, our Legal Operations Dashboards provide impactful insights into department spending and reduces the effort to manage complex eBilling data.
Epiq leverages the entire Microsoft suite including PowerBI and PowerAutomate, to design best-in-class visuals paired with Epiq’s proprietary data science models to that rapidly consume and improve your data. As a Gold Certified Microsoft partner, our experts can consult with you to design new dashboards, gather and automate new data sets, or help you interpret the data contained within