Video Legal auditing
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.
In 2006, 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.
In 2011, Forbes ran an article discussing the excessive legal fees in the Madoff litigation.
Maps Legal auditing
Notes
Source of the article : Wikipedia