Legal Project Management Tools for M&A

02/01/2015

In-house attorneys are expected to control their outside legal costs. But when a transaction involves many outside attorneys working on many tasks simultaneously, costs are prone to exceed estimates - an embarrassing situation for all involved.

We have developed a project management tool that is built around a budget to minimize costs, drive efficiency and avoid billing surprises. The tool fosters greater planning, reporting and collaborative decision-making between in-house and outside counsel.

The Goals of the Project Management Tool:

  • To minimize outside legal costs, yet enable outside counsel to devote adequate resources to the project and do quality work.
  • To efficiently allocate the workload between the legal department and outside counsel.
  • To increase the ability of the General Counsel to manage the project while the work is underway, and make real-time decisions to narrow or expand the scope of work based on costs and benefits.
  • To increase the ability of in-house and outside counsel to detect and respond to cost overruns as they happen.
  • To increase the ability of the General Counsel to assess the status of the project, and to report to management that the transaction is on schedule and on budget.
  • To bring the transaction in on budget, or to obtain approval before exceeding budget.

Excerpted from Legal Project Management Tools for M&A. To read the full article, click here.

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