Legal departments are looking to save money wherever they can. That includes cutting outside counsel spending, which appears to be one of the biggest targets for cost elimination, according to a new survey.
The 2016 Chief Legal Officer Survey, released Tuesday by legal consulting firm Altman Weil Inc., shows that more than half of departments (58 percent) negotiated fee discounts in the past year. Another way that CLOs are trimming their budgets is by asking for alternative fee arrangements, which 48 percent of respondents said they had done in the past year. Meanwhile, 40 percent reduced the total amount of work sent to law firms and 36 percent shifted work to lower-priced firms.
This content has been archived.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?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
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]
