December 21, 2005
Corporate spending on outside counsel is on the increase
The December issue of Corporate Legal Times summarized the good news for law firms.
Corporate spending on outside counsel rose 15.8% in 2005 according to a survey conducted by BTI Consulting Group. The annual Hildbrandt International survey of U.S. law firm departments disclosed that companies spent about one-half of one percent of their total revenues on legal expenses. Sixty-one percent of that is on outside legal resources.
BTI is predicting double-digit 2006 growth in spending for the fast growing areas of class action defense, product liability, general litigation, regulatory, IP litigation and securities.
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