Breaking news: Corporate clients are tired of paying high legal fees.
OK, it’s not exactly a news flash, but the present state of the economy means that it’s more important than ever for clients to whittle their budgets and demand more from outside counsel.
Yet amid the pressure that general counsel face in an economy with a moribund stock market, an unemployment rate of 8.1% and ballooning bankruptcies, a select group of in-house leaders continues to demonstrate innovation. They have shown particular finesse in managing their legal departments, choosing outside counsel and remaining committed to diversity in their own ranks and those of the law firms they hire.
In this inaugural publication of The National Law Journal‘s Most Influential General Counsel, we have highlighted 20 attorneys whose leadership has proven strong — and even creative — during the turmoil in the legal industry.
And turmoil it’s been. Contributing writer Emily Heller in her story on page S2 notes a November 2008 survey by Altman Weil, which found that 75% of general counsel said that their departments would have tighter budgets this year, with an average decrease of about 11%. At the same time, major law firms in February alone shed 1,131 attorneys, and 1,661 legal staffers, according to the online layoff tracker Law Shucks.
At no other time, it seems, have general counsel had a stronger mandate for running their departments effectively and efficiently.
We received many nominations from law firms and in-house attorneys for the general counsel selected in the issue. The common thread running through the careers of these 20 individuals is a talent for leading legal teams in inventive ways. Thumbnail profiles of the most influential general counsel were written by staff reporter Karen Sloan and contributors Julie Kay and Peter Page. In addition, Heller’s story focuses on ways that in-house counsel are carrying out their duties in a recession with tighter budgets.
We acknowledge some subjectivity in the selection process, and we recognize that many more lawyers could have made the cut. That said, the attorneys listed here clearly represent forward-thinking general counsel in charge of legal departments for major companies. And at a time of economic uncertainty, these lawyers represent ingenuity and steady leadership.
PROFILES IN POWER
The 20 most influential general counsel in America.
