Managing a legal project is an involved process with many moving pieces. One of the most important aspects of managing a legal project is associated with cost and adhering to a set budget. In complex litigation, stakes are high which makes staying on budget a top priority. 

Effective legal project management helps counsel efficiently and cost-effectively move litigation towards resolution. 

5 benefits of adopting the practice of legal project management in your firm 

1. Provide Predictability

A value-based strategy, depending on litigation size, is designed to support firms and corporate legal departments to achieve successful matter resolution by proving real-time state of the litigation metrics and analytics. 

2. Stay Organized 

Obtain valuable time and cost savings by keeping documents and data organized, accessible, and up-to-date throughout the claims and litigation process. 

3. Manage Risk

Centralized information and document storage reduces duplication efforts and allows for efficient deadline tracking, which can reduce the risk of missing critical insights and due dates to help avoid unforeseen costs. 

4. Improve Communication 

Streamlined communication among and across legal teams results in clear expectations allowing clients to be informed on matter status and potential associated financial impacts. 

5. Contain Costs

A combination of predictability, organization, managed risk, and streamlined communication provides clients and counsel with real-time insights to help set reserves, contain costs and eliminate surprises.