Download
beverly g baughman assistant general counsel pfizer inc june 7 2007 n.
Skip this Video
Loading SlideShow in 5 Seconds..
Beverly G. Baughman Assistant General Counsel Pfizer Inc June 7, 2007 PowerPoint Presentation
Download Presentation
Beverly G. Baughman Assistant General Counsel Pfizer Inc June 7, 2007

Beverly G. Baughman Assistant General Counsel Pfizer Inc June 7, 2007

92 Views Download Presentation
Download Presentation

Beverly G. Baughman Assistant General Counsel Pfizer Inc June 7, 2007

- - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript

  1. “Budget Management in Global Mass Tort Litigation” Beverly G. BaughmanAssistant General CounselPfizer IncJune 7, 2007

  2. The 5 Step Budgeting Process: • Step 1: Set the Budget • Step 2: Track Fees and Expenses • Step 3: Analyze Data • Step 4: Respond to Challenges • Step 5: Results: Predictability and Savings 7

  3. Setting the Budget: A 3-Step Process Assumptions Resources Cost How much will it cost to pay for resources? Who will do the work? What work needs to be done? 8

  4. Tracking Litigation Fees and Expenses • What to Track: • Projected Costs • Actual Costs • Both Outside Counsel and Vendors • Methods: • Electronic Systems • Inquiries to Counsel • Monthly monitoring is key 9

  5. Mass Tort: Litigation Tracking Tool 10

  6. Mass Tort Budgeting: Analyze Data • Identify variances • Identify reasons of variances • Collaboration between OC, house counsel and Legal Finance 11

  7. Respond to Challenges • Readjust Priorities/Strategy • Readjust Timing of Work • Readjust Workload • Improved Management/Coordination • Renegotiate Fee Arrangements • Seek Alternative Counsel/Vendors 12

  8. Budgeting Results • Predictability • Year end budget goals and/or savings • Early identification of problems (no surprises) 13

  9. Results (cont’d) • Requires in-house and outside counsel commitment to: • Adequate staffing / resources devoted to budget • Budget tracking and analysis • Monthly monitoring regime 14

  10. The End