Subscribe to LexTalk to stay on top of today’s legal issue and trends.
Catapult Your Career |
Industry Insights & Trends |
Product Training & Tips
There is some interesting new data out about how much companies are spending on legal services. It shows that total legal spending is increasing globally, but the rate of increase is slowing.
Total legal spending globally edged up 2 percent, according to the recent 2014 HBR Consulting survey based on responses from a select group of companies. This is less than the increase of 5 percent seen in the 2012 survey and less than the increase of 3 percent seen in 2013 survey.
It was shown too that inside legal spending, which includes compensation and operating expenses for the law department, increased 5 percent, according to the 2014 survey. On the other hand, outside counsel spending decreased by 2 percent.
The above article has been republished courtesy of InsideCounsel.
As compared to last year this year also the data looks more promising. A survey done by Lee & Meier Law indicates that the economy is recovering, it is slow but continues to rise.
Our clients are always finding ways to cut legal costs. Whether it be using in-house counsel or just prioritizing cases in order to minimize litigation.