Since the 2008 economic crisis hit, U.S. corporations have been ratcheting up pressure on their general counsel to limit legal spending, and on law firms to provide detailed budgets for their work. For firms used to providing clients with ballpark estimates for outside counsel work, the new focus on precision can be a difficult transition.
“The old approach to budgeting [for legal services] was to say every case is different and can’t be budgeted,” said Craig Raeburn, vice president of legal...