Report: Firms Should Target Global Companies’ Business

New England In-House (Link to Full Article) Corporate legal spending nationwide will remain flat in 2014, but winning the business of large international companies could give law firms a competitive edge in the year ahead, according to a newly released report from a local consulting group.

Based on annual interviews with corporate legal decision-makers, Wellesley-based BTI Consulting reports that Fortune Global 500 companies now account for 40 percent of corporate legal spending in the U.S., up from 30 percent in 2010. Their spending is surging at a compound annual growth rate of 7.2 percent and is helping to stabilize the market for outside legal services, as other companies’ legal spending is shrinking at a rate of about 2.7 percent.