Posted Apr 05, 2007 09:38 pm CDT
Midsized firms often have the opportunity to move up to become a corporate client’s primary outside counsel, according to a study by BTI Consulting Group of 250 corporate clients with revenues of $1 billion or more.
Most clients report they have only two primary outside counsel, and 61 percent say they fired one of their primary law firms in the last 18 months – up from 54 percent in 2005, according to Philadelphia’s Legal Intelligencer.
By contrast, most clients had 15 secondary law firms, and many of those are midsized firms. They’re in an excellent position to move up to primary status, experts say. “When we speak to clients about [what firms] stand out, we see it is often midsized firms when we looked at the sheer numbers,” said BTI’s Marcie Borgal Shunk.