Outside Counsel Spending Expected To Increase In 2021
Law360 (November 4, 2020, 5:43 PM EST) -- Despite concerns that corporate counsel will bring most work in-house, clients overall plan to increase outside counsel spending in 2021, creating opportunities for the firms able to capitalize on it, according to research unveiled Wednesday by BTI Consulting Group.
According to the report, which is based on in-depth interviews with in-house decision makers throughout 2020, corporate counsel are facing a "tsunami" of new work driven in part by regulatory, compliance or employment issues triggered by the pandemic.
Overall, legal departments are expected to increase outside counsel spending by over 5%, the greatest increase in the past decade.
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