Set It…and Don’t Forget It – A Collaborative Discussion on Budgeting

You have heard the term “set it and forget it,” but the opposite cannot be more true for the legal pricing community. Pricing a legal matter is rarely a “point-in-time effort” that is over by developing an initial budget. Rather, it’s an ongoing, cooperative process between clients, law firms, and business partners to continue pricing a matter as the scope of work evolves. In a recent survey conducted by the Legal Value Network and the Blickstein Group, it was found that there appears to be a “clear intersection for firms and clients around managing budgets and managing demand,” but generally both sides “agree that communication is poor.” What arises from these two points is an opportunity for collaborative progress. 

When a complex matter arises, how can legal departments, law firms, and business partners effectively develop (and maintain) a matter’s budget even when significant uncertainty exists? And where do clients perceive…