In House lawyers and general counsels under pressure to cut costs
The 2010 Legal Department Benchmarking Report has revealed that in-house legal departments and general counsels in Australia and New Zealand are under pressure to decrease costs and expenditure.
The report is a joint effort of the Australian Corporate Lawyers Association and the Corporate Lawyers Association of New Zealand. It reveals that 63% of respondents reported some pressure to reduce total legal department costs, with 42% of those reporting significant or very significant pressure. 76% of general counsels also reported being under pressure to reduce costs.
The report makes a series of recommendations for reducing costs, such in-sourcing, bundling routine work for fixed fees, setting rates and partner/non partner ratios and re-configuring law firm work teams.
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