New research predicts increase in legal spending
A new report has claimed that major US corporations are preparing to increase legal spending by as much as 5% in the second half of the year. Research firm BTI Consulting Group surveyed 370 corporate counsel at Fortune 1000 companies and found that, on average, they had cut legal spending by nearly 7% in the first three months of 2009 to $19.4m (£12.8m). However, the report also forecasts a rebound in spending come July due to a demand for legal services in regulatory, bankruptcy, securities, and employment practices."What happened is the first quarter saw a tremendous cut in outside counsel spending," said BTI president Michael Rynowecer. "The cuts were so deep and so severe that corporate counsel have realised that they may need to bring some of that back just to meet core needs."
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