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Latest in-house counsel survey: The good and the bad

Ron Friedmann, reporting on Corporate Counsel's latest survey of in-house technology use, provides this summary:

The good news: Friedmann writes, "[I]n-house counsel are making better use of e-billing and matter management software to manage their outside counsel more effectively. Law departments are also using their market power to demand firms use technology, with 15 percent of respondents hiring a firm because of technology and 8 percent firing a firm because of lack thereof. Separately, 30 percent of law departments report having access to their outside counsel's knowledge base, up from 21 percent last year. "

The bad news: "Law department knowledge management, however, is still a challenge. Only one-third of respondents report having a KM system, the same percent as last year."

Related: Rees Morrison has a tip for in-house counsel who want to tackle law-firm billing. And if you have any doubts whether you should investigate the firms you use, don't miss Emma Schwartz's exclusive in the Legal Times. Reporting on a confidential Citigroup Private Bank study of firm finances obtained by Legal Times, Schwartz writes:

"The 2004 study gave firms high marks for improving overall profitability and holding the line on expenses. The challenge lies in how firms achieved revenue growth: hiking rates and squeezing additional billable hours out of their attorneys."

Posted by Product Team on April 22, 2005 at 09:50 AM | Permalink | TrackBack (0)

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