What would it take to fully convince the board of a company that its legal team is not just a huge drain on resources? A survey of 75 companies in Europe may help, as it shows that lawyers cost companies in Europe less than 1% of their total revenue.
The poll, which questioned companies headquartered in countries including Belgium, France, Germany, The Netherlands, Switzerland and the UK, has calculated the cost of the total legal spend, including external counsel, to be an average 0.6% of a company’s revenue. This apparently reasonable figure will be welcome statistical fodder for general counsel who are increasingly being asked to justify the cost of their team.
