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Budgeting (Is Not) For Dummies

The Texas General Counsel Forum-GCNews
06.01.06

Surveys tell us that one of the, if not the, top concerns for general general counsel is controlling litigation costs. Meaningful control of litigation expenses is difficult, however, without a realistic budget that is reevaluated on a regular basis.

Although many clients require their outside counsel to draft budgets for matters both routine and complex, it is rare that clients use budgets for anything more than a preliminary estimate of expenses. Rarer still is the outside law firm that volunteers a budget of anticipated litigation costs without being asked.

Used properly, however, budgets are an effective tool for controlling costs, managing a complicated case, and selecting a winning strategy. Better, they provide a framework for monitoring the progress of a case.

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