24 July 2015 – Improved costs budgeting and honesty about the cost of winning were just some of the issues raised by Susan Dunn, Harbour’s Head of Litigation Funding during the Costs and Case Management session of the Legal Business Litigation Summit, where she was speaking as a panellist.
Susan, a leading advocate for costs budgeting, called for the profession to train itself better to budget the costs of cases effectively and said that There is a disproportionate amount of excitement in the cases that we see about winning and not enough excitement about how much we are going to win and how much that is going to cost. Anecdotal evidence suggests that for many, a useful starting point would be to compare past estimates with actual costs and yet very few firms do so, one firm even saying, somewhat unhelpfully, we are paid to look forwards not backwards. Other speakers and delegates from Herbert Smith Freehills, Essex Court Chambers and Boies, Schiller & Flexner supported improved budget management, using the developing disaggregation of the disputes market to provide bespoke solutions for individual cases.
The full summit report is available here.
Other panel sessions looked at Londons position as a global disputes hub, reputation management in the social media age, the legacy of Lehman and views from in-house lawyers on the service and value of disputes advisers.
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