Strategic Sourcing and IT

While many law firms have a handle on spending on administrative costs like staff salaries, insurance and benefits they haven't attacked other huge spending areas, such as supplies and contract labor. Perhaps 15 to 20 percent of Am Law 100 firms are now tackling this opportunity by hiring someone with strategic sourcing experience to centrally manage vendor contracts. But firms need to get buy-in from their technology gurus to take sourcing to new levels and measure the effectiveness of software to analyze spending patterns.