Nicholas D’Adhemar, founder and CEO of Apperio, considers the ability of in-house legal teams to effectively manage their legal spend, pointing to figures suggesting that nine in ten legal departments don’t know what they’ve spent on external legal counsel in the last year and that one in five fixed fee arrangements are billed over agreed budgets. He suggests that while technology has delivered greater speed, ease and transparency across other sectors, legal is “lagging” and relies on “old, ugly and complicated” software. Mr D’Adhemar offers that much of the issue stems from “historic, systemic” financial management failures across the industry and says legal spend data is inconsistent. He suggests that advances in cloud computing and analytics capabilities could offer a solution, giving a far clearer oversight of large sums of legal spend data, adding that real-time insight will “protect legal teams from nasty surprises three months down the line.”
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
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