26 March 2014

Companies pay more for less time

Hours dropped by 1.3 per cent and fees rose by 1.6 per cent for law firms' corporate clients over 2013, said the LegalView Legal Market Index.

By Melissa Lesh

The bank said it will not increase the legal budget, which was set as part of the bankruptcy financing KenDrysdale

TyMetrix, an electronic billing clearinghouse and data analytics advisory company, based the Index on the purchase of legal services by 70 large corporate clients across eight different industries.  According to the index, the companies spent a combined total of $5.1b on outsourced legal services over the last two years.  Some areas of law grew expensive more quickly than others – IP fees declined by a negligible amount of $950,000 whilst general liability law exhibited the greatest spending increase at $221 million, up from $178 million.  Source: American Lawyer

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