Law firms mount challenges to house counsel; by cutting costs and developing specialties, firms have been able to become more competitive
Article Abstract:
Law firms are increasingly able to compete on price with in-house corporate lawyers, though differences in culture and other areas ensure both will survive. In-house attorneys typically cost $100 to $125 per hour, vs $175 for associates and $250 or more for senior partners at firms. The latter have become more aggressive on cost, however, and have moved away from routine, generalist work, while in-house law depts are aging and becoming more expensive and have already wrung out their greatest efficiencies.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
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Corporations are paring use of outside counsel: 'outsourcing' and 'convergence' are two techniques that are used to consolidate representation
Article Abstract:
Companies are using outsourcing, convergence, and competitive bidding to realign themselves competitively and redefine their legal departments' relationships to outside counsel. Outsourcing involves sending nearly all legal work to one firm, and convergence means drastically reducing the number of firms used and concentrating most work with the best. The three trends confirm the supremacy of the corporate law department, which is driving these changes, and all attack the standard hourly rate system.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
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