Law Firms Lose Out On Billions As GCs Take Work In-House
By Andrew Strickler (June 20, 2013, 6:20 PM EDT) -- Billions of corporate America's dollars were diverted from law firms to internal company budgets last year, according to survey data released Thursday, an indicator that corporate leaders feel the money is better spent at home by their own lawyers.
According to interviews conducted by Wellesley, Mass.-based The BTI Consulting Group, about $5.8 billion in outside legal-spend dollars were moved off budgets for outside counsel and placed on internal legal budgets between 2011 and last year.
The significant shift is partly to blame for an anemic projected growth of 1.8 percent this year in outside counsel spending, BTI President Michael Rynowecer told...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!