As more corporate law departments seek to bring more work in-house, outside law firms eager for business may have to make a stronger value proposition
More than two-thirds (69%) of General Counsel report they are under moderate to significant cost pressures from their business leaders. At the same time, heightened regulatory scrutiny and organic company growth are keeping legal needs on the rise. This means corporate law departments will be on the hunt to reassess how they are managing legal work to best find the balance between company protection and cost control.
In Thomson Reuters Market Insight’s latest research with General Counsel and corporate law department leaders, 68% said they were looking to bring work in-house over the next 12 months. This puts in-sourcing second only to process efficiency as the top tactic that GCs said they would be employing to control costs throughout 2023.
Even as spend optimism remains positive, buyers are under substantial pressure from their business leaders to contain costs.
The mobility of work—work buyers are willing to take on themselves, move to a lower cost provider, or move to an ALSP—is a trend law firms can either view as an opportunity or threat. Partnering with clients on efficiency and better management of legal matters can position a firm to win a larger share of a client’s legal work.
This shift to bring work in-house isn’t necessarily a new tactic; however, in the last 12 months, there has been a significant shift in...
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