Legal News

Law Firms Look to Next Year for Higher Legal Spending
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

legal spending

Summary: Legal spending was mostly flat this year with companies finding alternate ways to adjust for their legal needs, but many expect their needs to go up next year.

While HBR Consulting’s 2015 Law Department Survey shows that legal spending is up, that money isn’t going straight into the wallets of law firms. The survey looked at 308 companies in 22 industries compared to 292 companies last year.

  
What
Where


The survey showed that total legal spending was up by 2 percent, but outside counsel spending went down compared to last year. The spending inside legal departments only increased 3 percent. The best news was for in-house spending. The increase in total compensation, such as cash bonus, base salary, and long-term incentives was up 3.5 percent.

As the leader of HBR’s Law Department Consulting practice, Kevin Clem, stated, “Departments are prioritizing internal operations, hiring internally, investing in new or upgraded technologies, and raising total compensation for their employees.” Consulting senior director and survey editor at HBR, Lauren Chung, went on to say, “There’s a continued push to manage the costs of outside counsel. Organizations are taking aggressive measures, like the consolidation of firms, use of analytics and use of alternate fee arrangements and detailed budgets, to control for these costs, which is having a direct impact on legal spending.”

When companies responded to the question about their predicted legal needs in the future, 76 percent said, “their legal needs would increase in the next year” with 19 percent answering that their legal needs would stay the same. The areas with the most growth are believed to be in regulatory work and mergers and acquisitions.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Source: https://bol.bna.com/spending-in-law-departments-is-rising-but-the-money-isnt-going-to-law-firms/

Photo: floridadebtfighters.com





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-level Litigation Associate Attorney

USA-MD-Baltimore

Baltimore office of our client seeks mid-level litigation associate attorney with 3+ years of experi...

Apply Now

Junior Employment Litigation Attorney

USA-CA-San Francisco

San Francisco office is seeking an attorney with 2-3 years of employment litigation, class action or...

Apply Now

Transactional Real Estate Attorney with 5+ years of experience

USA-NY-New York City

New York City office of boutique firm is seeking a transactional real estate attorney 5+ years of ex...

Apply Now

Licensed Default Associate Attorney

USA-VA-Dulles

Dulles office of our client seeks licensed default associate attorney with experience. The candidate...

Apply Now

RELEVANT JOBS

Litigation paralegal

USA-TX-Dallas

We are looking to immediately hire a responsible, highly organized, self-motivated litigation parale...

Apply now

Attorney

USA-TX-Dallas

Associate Attorney – 7 to 10 Years’ Experience - Dallas/Fort Worth   ...

Apply now

Associate Attorney

USA-TX-Dallas

Associate Attorney – 3 to 5 Years’ Experience - Dallas/Fort Worth   ...

Apply now

Litigation Attorney

USA-TX-Dallas

Litigation Attorney   Dallas, TX One of Texas\' largest Personal Injury Law Firms se...

Apply now

SEARCH IN ARCHIVE

To Top