Law Technology News reports that Law departments appear to be opening up their wallets, both for inside and outside legal help, as they are expanding workloads. Companies worldwide have increased total legal spending by five percent, returning to 2009 survey levels, and predict growth in regulatory, global, and government business, reports HBR Consulting, analyzing the results of its 2012 law department survey.
Both inside legal and outside counsel spending has spiked, said the consultancy, which split off from Thomson Reuters in 2011.
Participants in the HBR poll included 260 companies representing 21 industries — with more than 30 percent of companies generating more than $20 billion in revenues, says HBR. Almost 70 percent of participants have revenues at or above the Fortune 500 level, including companies that are privately held or based outside the United States, said Lauren Chung, senior director, law department consulting. "Our participant base is primarily U.S.-based companies operating globally," Chung said.
The survey looked at spending in the U.S. vs. spending outside U.S. borders, and found "dramatic changes outside the United States," with a 9 percent increase in total legal spending.