It’s no secret: over the last few years, corporate America’s business model has changed dramatically, especially within the general counsel office. In fact, corporations globally are demanding more of their law firms — insisting on changes in fee structures (as corporate budgets are tightened), and demanding accurate budgets in order to plan legal spending.
Have most law firms reacted? Not quickly enough. Most operated in "business as usual" mode, generating increased profits year after year. Then came the economic collapse of September 2008, and everything changed.
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