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I don’t pay much attention to pronouncements made by general counsel about cost and value. It’s a maxim that has generally stood me in good stead at Legal Week. If you did take those public statements at face value, you would have concluded a lot of things: rates are coming down; clients are instructing mid-tiers for much of their work; sophisticated clients are now experts in managing costs and measuring value. The awkward point is that these trends are either not happening in the field or, at least, their prominence is greatly exaggerated.

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