Simple Strategies to Make the Most of Your Q4 Budget
By Axiom Law
With the final quarter of the year underway, you may find yourself with extra budget available, and under pressure to spend it. While this may sound like a great problem to have – who doesn’t like unexpected extra money? – ensuring you spend this budget efficiently can be a challenge.
At Axiom, we often see an increase in demand for flexible legal talent this time of year, because our clients want to deploy their unused budget and need extra help to close out the year. Based on what we’ve seen across thousands of legal engagements, we’ve found that the work our clients need at the end of the year tends to fall into the following categories: contract initiatives, year-end support, compliance updates, and filling in for open headcount. Flexible legal talent can be a great solution for companies looking to quickly tackle these types of projects without the headcount or time burden of bringing on additional permanent team members.
As you think about how to most effectively spend your remaining budget, we recommend you look into each of these areas. Working with flexible legal talent can help you not only meet your budget goals, but also complete projects that may have been put on the back burner so you can start 2020 strong.
1. Spikes in contract volume
Get support handling increased contract volume as Sales and Procurement teams push to close deals and renegotiate contracts before the end of the year.
2. Update templates and playbooks
Proactively tackle contract-related initiatives such as refreshing or creating templates and playbooks, to ensure matters and projects are completed consistently across your organization.
3. Year-end reporting
Prepare year-end reports and materials related to board and committee meetings without taking time out from your day-to-day activities and 2020 planning.
4. Compliance updates
Update company policies, handbooks, playbooks, and procedures related to new regulations, such as changes in labor and employment or data privacy laws.
5. Coverage for open roles
It can be difficult to fill open roles at the end of the year, as top legal talent often wait for year-end bonuses before moving to other jobs or are reluctant to take on a new role before the holidays. In addition, the search and hiring process for experienced lawyers can often be drawn out. Working with flexible talent ensures that the work continues to get done throughout the search process.
You may also download this as a PDF checklist for easy reference.
In addition, flexible legal talent can help support projects that were pushed to the back burner due to more urgent work, but will help your department run more effectively and better enable your company to meet their business goals.
To find out how we can help you maximize your end-of-the-year budget and proactively prepare for the new year, get in touch with us at Axiom.
Break out of legal workflow inertia by taking two simple steps to matching the right resource with the task at hand.
Sam Miller, legal consultant and former Deputy General Counsel of Intel, discusses why flexible counsel can be a powerful tool for legal department leaders in part one of our series on building a resilient legal organization.