Feel like there have been a lot of legal move announcements lately? Perhaps that’s because 16 percent of companies have hired a new general counsel over the past 15 months, according to Michael Rynowecer of BTI Consulting Group in this blog post. And that means big changes for their external counsel too.
Rynowecer says that over the past year, 37.2 percent of large clients have hired new law firms, up from 23.5 percent the previous year. “A new CLO comes in, looks around, learns what they have and what they want to do. Give them six to 12 months to get a handle on things. Then change emerges,” he explains. That change often comes in the form of a request for proposal from their legal panel. “The cold reality is someone’s just not cutting the mustard and the new GC doesn’t want them on their team. Inevitably this means the addition of one major firm–and the phasing out of a major firm,” he explains.
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