Today's Date: Add To Favorites
Study Predicts 5 Percent Growth in Legal Spending
Legal Business | 2009/05/07 10:48

A decline in legal spending by large companies is about to be reversed, according to a new survey of Fortune 1000 companies.

The study by market research firm BTI Consulting says large companies will increase legal spending on outside counsel nearly 5 percent over the next six months, according to a press release. The top areas for growth in legal spending will be in the areas of regulatory compliance (up 5.8 percent), bankruptcy (up 2.6 percent), securities and finance (up 2.1 percent), and employment (up .7 percent), an executive summary says (PDF).

The projected increase in spending follows a significant drop in legal spending last year and in the first six months of 2009. When the expected increase is taken into account, overall legal spending is expected to decline just 1.4 percent for the year.

In a press release, Michael Rynowecer, president of BTI Consulting, calls the findings “a big ray of sunshine in what has been a very stormy environment.” He cautions, however, that some law firms won’t benefit from the increase in spending.

“Rather than a wholesale recovery, we are seeing a shift of resources to specific firms and practices that are well-positioned,” he said in the press release. “Large companies are sharing this renewed spending with a smaller group of law firms than just six months ago. Those firms caught unaware or unprepared for this shift will continue to face significant challenges and not reap the benefits of this increased spending.”

The study is based on 370 interviews with corporate counsel at Fortune 1000 companies that average $19.4 million in outside counsel spending.



[PREV] [1] ..[2354][2355][2356][2357][2358][2359][2360][2361][2362].. [2710] [NEXT]



All
Legal Business
Headline Legal News
Court News
Court Watch
Legal Interview
Topics in Legal News
Attorney News
Press Release
Opinions
Legal Marketing
Politics
Texas’ migrant arrest law will rema..
Former Georgia insurance commissione..
Alabama woman who faked kidnapping p..
A Supreme Court ruling in a social m..
Denying same-sex marriage is unconst..
Trump wants N.Y. hush money trial to..
China’s top court, prosecutors repo..
Supreme Court restores Trump to ball..
Supreme Court casts doubt on GOP-led..
Donald Trump appeals $454 million ju..
Alabama hospital pauses IVF treatmen..
Ken Paxton petitions to stop Dallas ..
 Law Firm Web Design Information
Law Promo has worked with attorneys, lawyers and law firms all over the world in designing beautiful law firm websites that look great on all devices, from desktop computers to mobile phones. Law Promo can construct your law firm a brand new responsive law firm website, or help you redesign your existing site to secure your place in the mobile world. Solo Practice Law Firm Website Design


   Lawyer & Law Firm Links
Amherst, Ohio Divorce Lawyer
Sylkatis Law - Child Custody
loraindivorceattorney.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Car Accident Lawyers
Sunnyvale, CA Personal Injury Attorney
www.esrajunglaw.com
Family Law in East Greenwich, RI
Divorce Lawyer - Erica S. Janton
www.jantonfamilylaw.com/about
Connecticut Special Education Lawyer
www.fortelawgroup.com
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
www.onulawfirm.com
 
 
Disclaimer: The content contained on the web site has been prepared by Romeo Media as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. Blog postings and hosted comments are available for general educational purposes only and should not be used to assess a specific legal situation. Legal Business News for You to Reach America's Legal Professionals. Get the latest legal news and information.