Today’s market for legal services is more competitive than ever and clients are demanding more value from their outside legal advisers. Law firms can no longer rely on their name and impressive track records to retain clients, nor can they rely on annual rate increases for budget planning. In addition, to win new business, firms often find themselves having to submit a competitive bid against many others, and if they win the work, must adhere to strict budgets with fee caps.
According to an article in Recorder sibling publication The American Lawyer discussing why clients fire law firms, 30 percent of in-house counsel fired at least one law firm in 2011, and 21 percent of the time, it was because the firm was too expensive.
