EQWAL
Typically, inhouse workload fluctuates depending on certain projects and regulatory requirements. Sometimes, positions become vacant or cannot be filled as quickly as needed. Staffing an inhouse team to cover any fluctuations is cost prohibitive. As a result, teams are staffed slimly. And work that cannot be covered internally during “peak situations” is given to external law firms. On a regular basis, this concept also applies to work that doesn’t require specialist expertise or the liability coverage of a law firm. The work is outsourced simply because there is no internal capacity.
Law firms, however, are very expensive for several reasons. Due to their time-based billing models, little incentive exists to think pragmatically and act as inhouse counsel. In addition, communication between the legal department and the law firm tends to be inefficient. After all, law firms are external service providers with very different revenue mechanics and without first-hand experience working inside a corporate legal department.
With EQWAL, legal departments can easily scale up and down, depending on their current workload. They no longer need to instruct external law firms with work they would preferably handle internally to external law firms. As a result, legal departments benefit economically while remaining in full control of the quality of their work.