Legal Week Intelligence’s FTSE Client Satisfaction Report 2008, published last November, is a timely reminder of the extent to which many in-house counsel at leading companies feel neglected by their law firms. They complain that large London firms in particular have been concentrating on lucrative mandates from banks and private equity houses at their expense. Now that such work has dried up, the report suggests that many companies may be less than receptive to firms’ renewed advances.
“We were not as important as we used to be,” says Hank Udow, chief legal officer at Cadbury. “And now, suddenly, we’re important again.” He believes it was natural that firms prioritized certain areas during the boom years. “But the bottom line is that they didn’t show institutional loyalty, and institutional loyalty works both ways.”
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