Influx Of Cost-Conscious GCs To Put Pressure On Firms

Law360 (Link to Full Article) BTI Consulting Group’s survey finding that about 10 percent of large U.S. companies named new general counsels between the beginning of 2013 and 2014 means that a new generation of general counsels eager to prove themselves to corporate bosses are likely to crack down on legal expenses, upping the pressure on firms to show the value they’re bringing clients, experts told Law360 on Friday.

Based on interviews with 240 corporate counsels from 236 organizations in December, BTI found that roughly 10 percent of those companies had announced plans to bring in a new general counsel over the past year, marking the largest chief legal officer turnover in at least 13 years. The finding is another sign of a sea change in the legal industry, with baby boomers starting to retire and Generation X lawyers filling their vacancies.