Fewer than 30% of companies made their law firms set a budget for tasks assigned to them.
Let alone manage their actual performance to such a budget. 2023 Thompson Hine survey (p. 10 of 16).
What other corporate function or business unit gets away with not having budgets for what it spends? Continue reading
Tis the season to discuss next year’s law firm rate increases.
In the American Lawyer’s entry on this topic two days ago, legal industry experts cited a multitude of factors that could drive 2024’s pricing.
Except one: Clients’ purchasing power. And clients’ willingness to use their purchasing power.
And the fear that constrains almost all general counsel and chief legal officers from robustly leveraging that purchasing power in rate discussions with outside counsel. Continue reading
From The American Lawyer, January 31 edition (subscription required), reporting on an annual survey of U.S. law firms by Wells Fargo Private Bank Legal Specialty Group:
“Firms also told the Wells Fargo researchers that they expect to implement standard rate increases of between 6% and 7% this year, on average, which would be a ‘modest increase’ over the 5.7% that Wells Fargo tallied for 2021.”
Managing Legal