Despite the impact of COVID-19 on the U.S. economy, corporates nationwide continue to rack up some rather hefty legal bills. In fact, it’s estimated that in 2021, large domestic companies will have spent more than $23 billion on litigation alone, up from $22.8 billion in 2020—this according to Statista, a leading provider of market and consumer data.
As legal fees rise, GCs across the country are being asked to reduce costs. Yet this is a real challenge, especially with first-year associate salaries now exceeding $200,000 at many of the nation’s largest law firms (an amount that only increases as associates ascend to more senior status), not to mention the anticipated uptick in both litigation and corporate transactions coming out of the pandemic.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]