This guide presents ten actionable processes designed to help private funds gain control over unpredictable legal expenses. It addresses key challenges such as lack of transparency, delayed invoicing, and decentralized decision-making, which often lead to cost overruns (page 2). Recommended practices include benchmarking matter costs, tracking spend in real time, conducting retrospective and longitudinal analysis, formalizing approval processes, and consolidating work with preferred law firms (pages 3–12). The guide also emphasizes assigning responsibility for tracking accruals and implementing structured budgeting processes. For businesses, particularly in private equity, the guide demonstrates how disciplined processes and real-time data visibility can reduce surprises, improve forecasti

Join for free to read