Originally Published in The Law Society Gazette | July 28, 2014 | Kathleen Hall
General counsel in the financial services and insurance industries are keeping legal work in-house despite an increase in the volume of cases in the past 12 months, a survey has found.
According to the Financial Services & Insurance Litigation Data Survey by US consultancy Consero, 80% of chief litigation officers say they are not delegating more legal work to outside counsel.
Nearly one-third of participants said the volume of cases filed against their companies has increased over the past year.
Of the 44 participants from Fortune 100 companies, 68% said they did not change their legal headcount over the past 12 months, while 36% said they have increased their use of alternative fee arrangements.
Paul Mandell, chief executive of Consero, said: ‘It appears these executives continue to be aggressively focused on the bottom line.’