More than three quarters of general counsel lack separate budgets for process and technology services, despite exactly the same percentage identifying a “compelling need” for them, a survey has found. “To have a compelling need, but have no budgetary control is potentially ‘creek, canoe, no paddle’ territory”, it said.
Global demand for non-traditional legal services, such as contract lawyers and document-review services, will rise sharply over the next five years, research for Allen & Overy has found.
Outsourcing giant Capita can complete its purchase of Optima Legal and Cost Advocates after the SRA today granted Optima an alternative business structure license.
With ever-increasing financial pressure being felt across the legal industry, never has it been more important for firms and providers to have a proper understanding and handle on their cost base and on all the options available to them. One of these options is outsourcing. It is possible to make significant cost savings through outsourcing some (even much) of the work that is currently done in-house. Wherever you look these days, solicitors and legal providers are bombarded with advertisements and promises about outsourcing. And the potential is huge with pretty much everything up for grabs.
Innovations in legal practice are coming more from traditional law firms than from ABSs, the SRA said last week. Meanwhile, it will this week clarify the position of firms that have submitted COLP and COFA nominations but have not yet received approvals.
From cost centre to profit centre: FTSE 250 company eyes ABS as it offers paralegal service to others
The outsourcing arm of FTSE 250 construction company Carillion could become an alternative business structure (ABS) as it looks to grow its advice services team beyond in-house and legal aid work, it has emerged.
Merger and acquisition talks are rife among law firms, although there is little evidence of many making it through to a deal, new research has suggested. According to the survey by NatWest, 62% of firms had received or made approaches in the past year.
Big Four accountancy firm PwC has launched a new service aimed at helping in-house lawyers look at how they operate internally – and also manage their external legal advice. PwC has hired Stephen Allen, formerly director of innovation at City law firm Berwin Leighton Paisner, to head it.
Pressure from in-house lawyers has encouraged some law firms to come out of denial and realise that they need to find new ways to handle and price work, legal IT guru Professor Richard Susskind has claimed. However, there was still considerable resistance to alternative fee arrangements.
Mahy: something that somebody should have thought of before
Using ex-City lawyer parents looking to return to practice is a way for in-house lawyers and law firms to onshore services that many people are saying should be offshored, a former FTSE 100 general counsel said this week.