Using Stats to Predict Outside Legal Spending
This article explains how you can predict the amount a company’s law department spends on outside counsel based on the revenue of the company. Such a prediction can be useful for law firms, for example, when estimating how much of a given company’s expenditures the firm receives (the so-called share of wallet) or when proposing additional work (share of future wallet). For law departments, they might want to bootstrap a comparative analysis of their own spending against competitors who will not divulge proprietary information.
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