The recession will have permanent effects on the way that business is conducted in the legal industry, say 50% of US lawyers. In that group, around half think that there will be a huge increase in alternative fee arrangements (AFAs), while a quarter are convinced that tighter cost controls will prevail even after the recession has passed.
The findings were published in international law firm Fulbright & Jaworski’s seventh annual ‘Litigation Trends Report’, which collates survey results from 275 senior corporate counsel in the US and 128 in the UK. While only 25% of the UK respondents think that the economic crisis will have game-changing effects on legal business, it emerged that UK companies are twice as likely as their US counterparts to use AFAs for 50% of their litigation billings.
If the findings bear themselves out in reality, there is likely to be a rise in work for legal services outsourcing (LSO) companies that specialise in areas such as e-discovery/document review, intellectual property (IP) and contracts.
Asked about the areas in which they aimed to increase spending over the next 12 months, the counsel indicated an impending surge towards e-discovery. While 16% of Fulbright & Jaworski’s 2009 survey group said they would boost spending in that field, 28% of this year’s respondents are poised to take this course of action.
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Source: cpaglobal.com
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