Top bluechips set to bring more legal work in-house
Banking and construction plcs recruiting as bluechips hunt for specialist law talent Plans floated to allow judges to practise again
September 13, 2006 at 08:03 PM
2 minute read
Bluechip companies are poised to buy in specialist legal skills over the next year according to new research which shows many UK companies are set to bolster their in-house legal teams.
A survey of 100 legal heads at FTSE 350 companies, carried out by accountants Grant Thornton, found 58% planned to increase the size of their in-house department over the next 12 months.
The desire to recruit additional lawyers was particularly strong in the construction sector, where 80% of corporate counsel said they expected to grow their teams, followed by banking and financial services, where the figure was 70%. In the insurance sector, 60% of legal heads said they wanted to add to their in-house teams, while the IT and telecoms sector looked set to be most static with just 30% of legal heads planning growth.
In a related finding, the survey concluded that many companies were hunting for specialist lawyers as the in-house profession moves away from being dominated by generalist practioners. The research also cites a substantial flow of IP and employment work from external advisers to in-house teams.
Sainsbury's head of legal, Nick Grant, commented: "We are constantly trying to bring more work in-house. We can drive huge savings by managing more of the employment work, which is a big chunk of the legal budget."
In-house teams at major banks are also expected to be aggressive recruiters of specialist lawyers to resource up in structured finance and related product lines.
ABN Amro global head of legal John Collins said: "There is a tendency within financial institutions to see how much work can be taken on internally."
In contrast, the survey found that companies are planning to cut internal spending on dispute resolution, with in-house recruitment focused on commercial and regulatory areas.
Toni Pincott, a partner in Grant Thornton's forensic and investigations services practice, commented: "While international and contentious legal work looks likely to continue to be a good source of revenue, it will still be imperative that law firms identify new trends and services to see to in-house legal teams."
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