Legal Auditing - Methods

Methods

Legal auditors conduct a detailed analysis of original time records, attorney work production, expenses and hourly rate benchmarks. The purpose of a legal bill auditing is to save money for the insurance company and their clients. Many audits measure performance and quality of services in addition to cost alone. Legal Bill Auditors may be responsible for monitoring the matter as it progresses for purposes of giving a second opinion in major cases or as a post-mortem. Legal bill audits give insurance companies and their clients peace of mind and avoid possible future mistakes.

This year, Forbes Magazine interviewed David Paige to discuss the excessive legal fees in the Madoff litigation. Paige's firm, Sterling Analytics analyzes legal bills and has developed a list of objectionable charges that firms often charge to clients.

Recently, the firm Stuart Maue claimed to have conducted the largest legal audit on record during the OxyContin litigation, involving claims for attorney fees and expenses amounting to over $400,000,000 billed and audited, with the final negotiated settlement resulting in a reduction of $200,000,000 from the total billed amount.


Read more about this topic:  Legal Auditing

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Famous quotes containing the word methods:

    Cold and hunger seem more friendly to my nature than those methods which men have adopted and advise to ward them off.
    Henry David Thoreau (1817–1862)

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    Joseph Epstein (b. 1937)

    The ancient bitter opposition to improved methods [of production] on the ancient theory that it more than temporarily deprives men of employment ... has no place in the gospel of American progress.
    Herbert Hoover (1874–1964)