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

“Budget Management in Global Mass Tort Litigation”. Beverly G. Baughman Assistant General Counsel Pfizer Inc June 7, 2007. The 5 Step Budgeting Process:. Step 1: S et the Budget Step 2: T rack Fees and Expenses Step 3: A nalyze Data Step 4: R espond to Challenges

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

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  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

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