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Legal Spending Trends
Recently, the LexisNexis CounselLink division published a study of the spending patterns of corporate legal departments. The study unveiled macro-economic trends about the shifting spending habits from the largest category of law firms to those that are “Large Enough.” The basis of the analysis was two million invoices, covering 300,000 matters, which were valued at more than $10 billion in legal fees.
What Is a 'Large Enough' Law Firm?
In the study, “Large Enough” firms are specifically categorized as those firms with 201-500 attorneys or with 501-750 attorneys. The shift in corporate legal spending towards this group comes at the expense of the “Largest 50″ firms or those with greater than 750 lawyers.
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