Law firm beauty parades are in decline
US companies are moving away from beauty parades with panels shrinking and corporate cousel having little time or inclination to watch law firms strut their stuff, says BTI Consulting Group.
Clients have the smallest law firm panels in 15 years, BTI Consulting Group found in recent research. Companies with revenues over one billion dollars now typically rely on 36 law firms—down from 47 firms last year. This marks the second year in a row of the shrinking law firm panel. Despite the new low, corporate counsel report no plans to stop trimming their law firm rosters, the research says. BTI also found that larger companies dropped two major law firms—and nine smaller players—from their rosters. Source: BTI Consulting Group