Thomson Reuters’ 2021 State of Corporate Law Departments survey and report looks at the bright side of a global pandemic that turned the world upside down. “The after-effects of 2020 will likely contain as many positives as negatives,” says the Executive Summary. “If department leaders are smart, it should act as a catalyst for accelerating the change agenda in 2021 and beyond.” Especially noteworthy is a list of the most effective ways to control outside counsel spend – the perennial top priority of law departments – as identified by law departments themselves. Perched high above the other nine, with 81% of respondents citing it, is “general enforcement of billing guidelines and reduction of invoice fees and expenses.” From there we get standard discounts on rack rates (32%); regular budget review (51%), volume discounts (45%) and, at #10, preferred panel programs (28%). Check out the entire top 10 and the whole report here.
Published May 24, 2021.