Firms face rates pressure as almost 50% of GCs predict legal spend cuts
Almost half of in-house lawyers expect to see their legal spend fall over the next two years, with many of these anticipating a reduction in spending on external advisers of more than 10%, according to new Legal Week research. A recent survey of more than 120 general counsel and in-house lawyers around the world found 44% expecting their company's spend on external law firms to fall over the next two years, including 18% who said they would cut back spending by more than 10%. More than a third (38%) said they had already reduced their legal spend over the past two years, including 16% who said legal spend had decreased by 10% or more over the period.
In-house lawyers set to squeeze fees with one in five predicting cuts of more than 10%
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