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Using Legal Spend Management to Ensure a Successful AFA Strategy - DataCert


Using Legal Spend Management to Ensure a Successful AFA Strategy - DataCert
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www.datacerteurope.com

For some time now, there has been a trend towards requiring corporate legal departments to operate more like other business units within their organizations, including pressures to reduce costs, have defined and predictable budgets, and improve the efficiency of their outside counsel. This trend has been accelerated by the recent economic difficulties and is driving changes to operational paradigms. One way legal departments are tackling the challenge of operating like other business units is by changing the way they pay their law firm vendors, replacing conventional hourly billing arrangements with a variety of alternative fee arrangements (AFAs). However, in order to effectively structure, negotiate, enforce, and evaluate AFAs, the right technology is required. A legal spend management system can provide the foundation for a successful AFA strategy by providing the historical data needed to structure and negotiate AFAs, automatically enforcing AFAs, and providing valuable reporting capabilities to evaluate the success of already-implemented AFAs.



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Tags:   legal spend management | AFA | alternative fee arrangements | law firms | counsel | datacert | payment


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