"companies became more vigilant in their relationships with law firms, intent on extracting a better "bang for their buck." However, one Fortune 500 General Counsel sums up the sentiments of the majority saying "the benefits were illusory."
New York (PRWEB) March 2, 2011
Eolis International Group announced this morning the results of its January 2011 National Survey of Attorney Hiring Trends in Corporations, reporting that interviews of senior level lawyers has spiked by nearly 20% over the past year.
Respondents cite a growing need for sophisticated specialty expertise and administrative savvy in overseeing and coordinating outside counsel relationships and costs. There is an equally dramatic increase in interviews of law firm partners for quasi-legal positions and roles as executives on policy making teams.
According to EOLIS International Group CEO Wendeen H. Eolis, " this news is especially encouraging for law firm partners who prefer who seek management positions as well as those who prefer substantive legal work delivered to them rather than responsibility for drumming up business."
Among large companies who are interviewing lawyers with more than 10 years of legal experience, 40% cite needs for highly experienced talent in an effort to streamline the amount of work to outside counsel. Thirty-eight percent are considering senior attorneys for quasi-legal and business roles. Twenty per cent are reviewing attorney credentials for a wide range of positions throughout their organizations. Two per cent made no report on the breakdown between positions in legal departments and elsewhere in the organization.
In late 2008, as the recession hit law firms with increasing ferocity, companies also were significantly pressured. The net effect. says Eolis is "companies became more vigilant in their relationships with law firms, intent on extracting a better "bang for their buck." However, one Fortune 500 General Counsel sums up the sentiments of the majority saying "the benefits were illusory."
Based on the information reported, while many companies were successful in developing alternative billing arrangements and/or reducing hourly attorney rates, 80% of the respondents indicated that their 2010 legal fees and expenses were higher than in the preceding two years.
CONTACT: E. A. Mead, Eolis International Group (Emead(at)eolis(dot)com)