The impact of the downturn on the global legal industry has been significant. The year 2008 was disappointing for the legal industry (especially for the law firms). Overall spend on outside counsel that had been experiencing a double digit growth for the last five years, witnessed a drop in growth this year (2008-09).
Drop in legal spend, shrinking budgets and corporates moving their work in-house has impacted law firms adversely. Corporates looking to reduce expenditure are making attorney fees a soft target for cost reduction. There is immense pressure on the law firms.
This paper examines how the global legal industry will fare in this economically challenging environment and how will their difficulties impact offshoring. The report is designed to help:
- Law Firms, Corporations, Lawyers looking to outsource/offshore
- Outsourcing consultants
- Offshored legal service providers to understand the buyer concerns
- Researchers looking for information on legal services outsourcing
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