Four years after the financial meltdown, has a revolution come about in the way corporate legal departments hire and deploy outside counsel? Is the in-house/outside firm relationship different? Are law firms changing age-old practices and doing everything they can to keep their cherished clients? Well, yes and no.
There is no question that the rhetoric has ratcheted up. Go to any conference with chief legal officers in attendance, and you will hear talk about restructuring the business of law, about value challenges and alternative fee arrangements, about getting more value from law firms. You’ll hear panelists discuss outsourcing, the disaggregation of legal work and the fall of the law firm superstar. The law firm partners in attendance will laugh nervously and make supplicating noises, murmuring that yes, they get it.
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