A New Year Resolution: Real-Time Insight into Your eDiscovery Spend
With the New Year well underway, it’s abundantly clear that 2016 is going to be different and that this is the year that people will actually accomplish their resolutions. The gyms are already packed; organic foods are flying off the shelves of local grocery stores; nicotine patch manufacturers are witnessing a spike in revenue; this really must be the year that change will occur and not just occur but last! Well, I hate to be the naysayer here but history indicates that in about another week, life will be right back to normal. The crowds at the gyms will start to dwindle down to more tolerable levels; the organic foods section at your store will be well-stocked each time you visit and the nicotine patch industry will inevitably level itself out. The fact is that people love talking about changes that they are going to implement in the new year but without fail, those changes rarely (if ever) end up sticking and this extends to both personal and professional endeavors.
On the professional side of the spectrum, something that is oft spoken but rarely practiced around this time of year is gaining some insight into how much your company has and will spend on discovery related services. The New Year presents a convenient excuse to recalibrate and truly try and understand the impact that these expensive eDiscovery service provider and outside counsel bills are having on your annual budget and then try and take some sort of action to get these costs right-sized. Without fail, however, a new matter will surface before or during your analysis and that will require your utmost in terms of time, effort and attention while your grandiose plans associated with adjusting your discovery procedures quickly fall by the wayside – at least until this time next year.
There is a clear need to understand the biggest impactors on one’s legal budget but the fact is that the time and effort required to perform the in-depth analysis related to this spend is rather extensive and requires gathering data from multiple parties (service providers, law firms, internal accounting, etc.). The 2015 Norton Rose Fullbright Litigation Trends Annual Survey helps underscore the importance of knowing where the money goes in litigation as the 803 corporate counsel respondents indicated the following:
- “Among all survey respondents, the median litigation budget excluding costs of settlement and judgments is $1.2 million, while the mean is skewed upward by the larger budgets in our sample, to $11.6 million.”
- “US respondents with budgets of $1 million to $5 million (34%) have increased as a share of the total compared with two years ago (26%).”
- “20% of companies reported having one or more lawsuits with more than $20M at issue pending against them.”
With legal budgets continuing to increase as well as the amounts at issue escalating, having access to metrics, analysis and data related to where, why and how this spend is being distributed is essential.
In continuing with our focus on listening to our clients, Inventus has taken aim at solving this insight issue for our clients and has developed a customer portal dashboard that provides real-time information related to any and all engagements you have through our organization. In addition to being able to tie directly into our Relativity and LAW environments such that you can see exactly where you data resides in our processes and applications, this dashboard solution also incorporates the financial specifics related to your engagement(s) such that you can track your spend matter-by-matter in real-time. Moreover, you can track and audit the effective use of technology (both proprietary solutions from Inventus and applications integrated within Relativity itself) by your in-house and/or outside counsel teams and demonstrate the savings that are being achieved to those within your organization as often as needed.
With a formal release of this customer portal dashboard set to occur at LegalTech next month, Inventus is excited to be able to provide our clients with this type of tracking mechanism because we know it satisfies and glaring need that currently resounds throughout the market place. With this insight into your discovery related spend at your fingertips, you now have time to focus you efforts on accomplishing some of those other resolutions you may have set – perhaps this will even lead to an extra week at the gym…