Solving the profitability problem
While overall demand for legal services is increasing, the share of corporate legal department spend going to large law firms is declining. The recent Great Recession redefined the approach corporate counsel employ in allocating legal spend. Corporate legal departments got innovative by necessity—finding high value in specialty law firms, bringing more work in-house, and by “right-fitting” certain high-volume, process-oriented tasks to alternative legal services providers, like Pangea3, UnitedLex and Integreon. Today, even as the legal economy has improved, these cost-saving practices remain, creating a new normal in the legal industry. As pictured in the infographic within this story, these non-traditional players have grown and reallocated a share of the legal spend.
Click here to read more on Legal Executive Institute.
Click here to read about the revolution in legal services from Forum magazine.
