Strategies to Streamline Budgeting and Operations for Legal Teams in 2024

Legal teams are currently immersed in financial planning for 2024, and they will need a strategic approach to navigate operational complexities, compliance demands, and technological advancements. Among other considerations, they need to take into account recent regulatory changes, headcount, and evaluation of their tech stack, as highlighted in a blog post by Ironclad.

Your team needs to consider six key strategies to streamline budgeting and operations:

1. To enhance efficiency and reduce long-term costs, allocate a dedicated budget that includes AI tools for document review, legal research, and contract management. 
2. Cloud-based collaboration tools are essential for improved communication and project management. Designate a budgetary component for platforms such as Microsoft Teams or Slack to facilitate collaboration and reduce reliance on physical infrastructure.
3. In light of recent technological advancements like AI chatbots, reevaluate legal research methodologies, examine the need for the tools in your tech stack, and explore cost-effective alternatives.
4. Addressing cybersecurity concerns is a critical component of financial planning for legal teams. Earmark some of the budget for comprehensive cybersecurity training programs to ensure that the team is educated on the latest security protocols, phishing prevention, and data protection measures.
5. A contingency fund should be established within the budget to address unforeseen litigation expenses such as unexpected court fees, expert witness costs, and other litigation-related expenses. The fund should be reassessed based on the company’s risk profile and potential legal challenges. 
6. Allocate part of the budget for relevant courses, conferences, and internal workshops to keep your employees up-to-date on new technology and regulatory changes.  Not only will you help your team develop and grow but your department will benefit from lower attrition rates and cost-effective talent development.