Legal departments are whittling down their panels of outside law firms, according to a new report from LexisNexis CounselLink.
The Enterprise Legal Management Trends Report, released on May 24, found that more than half of legal departments are not hiring new law firms to handle significant matters. Only 44 percent of legal departments hired at least one new U.S. law firm to handle a significant matter in 2015. And only 23 percent hired at least two new law firms to handle significant matters in 2015. (LexisNexis defines “new law firm” is one the company hadn’t hired in the prior four years. “Significant matters” are defined as those generating at least $100,000 in legal fees.)
