In the Legal Director Benchmarker survey this month, clients give a big thumbs up to their external advisers.
In our poll of 100 general counsel, more than 90% say they are very or quite satisfied with their primary law firms. This is a marked increase on a similar survey 18 months ago. Law firms are praised particularly for their ability to communicate to clients. All indications are that partners in private practice are beginning to wake up to the fact that clients are paying their bills.
Hopefully, this is a sign that the arrogance of lawyers in private practice is now embedded firmly in the past. But law firms should not get too complacent. With a recession around the corner, they would be well advised to read the comments of the general counsel surveyed. When asked how firms could improve the quality of their service, more than half of the unprompted responses referred to high costs or transparency of fees So the message is that quality of the advice is excellent and communication is much better, but law firms still have a long way to go on fees. But however many times in-house lawyers say it, the question is, when will the message ever get across?
Wherever you were last month, it was impossible to escape the tragedy of the terrorist attacks in America. Most of us, for at least one moment, could imagine the horror of being at work at the World Trade Centre that morning.
The American Corporate Counsel Association has confirmed that lawyers working in-house were caught up in the attacks. As yet, it is not known whether they are victims of the blast. Aside from the horrific death toll, the World Trade Centre attack will have reverberations in the business world, which are only just beginning to be felt – not least the impact on the economy. What just a few weeks ago was looking like an economic downturn, is now rapidly moving towards a recession. In an already turbulent job market, in-house lawyers are vulnerable. However, they also have a key role to play in important decisions made in the coming months – from addressing security of their staff in vulnerable jurisdictions to advising on corporate risk issues and crucial strategic decisions.
For in-house lawyers, it is a question of picking up the pieces and focusing on how they can add value to the business in these stormy times – the next few months will be a rocky ride.
