Rising legal costs seem to be accepted as inevitable within the private funds industry, but PE firms are focusing on extracting maximum value from every dollar spent, according to a recent Apperio report (Report). It is necessary for a fund manager to maximize the efficiency of its legal spending to satisfy increasing LP scrutiny and for firms to remain competitive. The Report highlights the need, however, for better access to data and more effective tools to understand and control firms’ legal spending. The Report is based on a survey commissioned by Apperio and conducted by Coleman Parks of 300 in-house lawyers working in PE and venture capital firms based in the U.S. and U.K. This article summarizes the key takeaways from the Report and includes insights from Apperio’s founder and CEO, Nicholas d’Adhemar. For coverage of Apperio’s 2021 report, see “In-House Legal Teams Prove Their Value and Prompt New Approach to Legal Spending” (Feb. 15, 2022).