COMPANIES ARE tightening their legal budgets, and Mercedes-Benz is the latest organisation to have toughened its expectations of its external legal counsel when it comes to accounting for costs.
As part of its latest UK panel review, Mercedes Benz made it a requirement that law firms justify their expenses on a regular basis, The Lawyer reported.
"We now have a very tight [billing] process," Mercedes general counsel Iain Larkins said. "When a new job comes along we agree a fee - it's all documented and we review on a monthly basis, or earlier. There's a whole budget amendment process which advisers must justify."
UK firms Nabarro and Wragge & Co won the two places on the panel from a pool of 11 firms.
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