Large banks and financial institutions have a reputation for retaining elite law firms and the top of the Am Law 200. But as much as half of their work now goes outside the Am Law 200, according to a new report that dives into banks’ law firm spending habits.

The report from Wolters Kluwer ELM Solutions, published Wednesday, also shows that while law firms have been able to get significant rate hikes from most in-house legal departments, their clients in the banking and financial sector have generally been an exception.

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