Companies pay more for less time

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