While one recent survey says that “reducing spending (with outside law firms) is a top priority for corporate legal departments”, another says that regional firms may be in position to gain more work over BigLaw. Both surveys were reported by Law360, the newswire for business lawyers.
Last week Robert Half Legal’s 10th Future Law Office survey was released; and 25% of in-house counsel expect to reduce work with outside law firms. As Charles Volkert of Robert Half put it, there is “the increasing need for law offices to provide more value-added and cost effective legal services.”
Who is in a better position – taking into considering agility and less bureaucracy – than regional firms to do just that? That’s were the second survey by the Corporate Executive Board Co. and CT TyMetrix comes into play. Although only in summary form at this stage, and not due out until September, it does provide some valuable insight nonetheless.
This latter project involves evaluating rate structures, and rate variations in what some firms charge clients, as well as other billing “red flags.” According to surveyors, the final report will “give corporate counsel insight on ways they can save money, including using regional firms.”
Most regional firms already know that, as I’m sure do many in-house counsel. So, why wait. Let them know that your small to mid-sized regional firm can help them start saving money now.