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The Survey Says...
Preliminary results from our legal spending survey shows general counsel balancing an increased need for outside counsel with pressure to reduce costs.
A stagnant economy has put pressure on departments to decrease spending, while the public's sudden interest in corporate governance has kept demand for legal services high. In August, The Corporate Counselor and The Center for Marketing Effectiveness conducted their annual survey, Benchmarking Study for Legal Services, on legal spending and the uses of outside counsel to provide insight on the factors that influence the selection and retention of outside counsel.
Preliminary results show that legal spending on outside counsel increased from 2002 to 2003; with 44% of Fortune 500 companies, and 52% of Fortune 1000 companies reporting substantial increases. Yet over 90% of respondents indicate high to moderate pressure to reduce costs. Respondents attribute the dichotomy to changes in regulation, with 89% citing it as having a high to moderate impact on their company's spending on outside counsel.
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