GE Wins Best In-House Legal Department Award
The Wired GC reports that General Electric's in-house legal department was selected as tops in the nation by Corporate Counsel magazine. In particular, GE drew praise for its use of technology. Matters are logged into the legal department's tracking system, and lawyers are required to evaluate the case within 60 to 90 days. Lawyers also have access to an integrated database that will identify any legislation or case law that could affect the dispute. Through this system, the litigation team can decide, early on, whether it’s best to settle or take the case to trial.
Initiatives such as this allowed GE to reduce litigation costs from $120 million in 2002 to $69.3 million in 2005. And it's that reduction in costs that Wired GC perceives as critical for law firms chasing corporate business. Because regardless of what we hear about how cost doesn't matter or that corporate clients will pay whatever legal bills they receive, GE's case shows that corporations are thinking differently.
Posted by Carolyn Elefant on April 18, 2007 at 06:34 PM | Permalink
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