Survey: US Firms Losing Biz Because In-House Counsel Prefer British Firms
In-house counsel are opting in surprising numbers to take their legal business to British firms rather than seek the counsel of U.S.-based firms.
This according to Corporate Counsel, which reports that 88 percent of companies surveyed require international legal advice. That’s up from 70 percent last year.
And in this explosive area of growth, the British are winning the advantage, the publication reports.
“About 53 percent of the companies use English law for international work, while only 34 percent use U.S. law,” Corporate Counsel noted. “When asked to name law firms they would consider for multijurisdictional deals or litigation involving three or more countries, only 30 percent named U.S. firms compared to 70 percent who preferred firms in the U.K.”
The publication, which is reporting on an early copy of a survey conducted by U.K.-based Acritas, speculates that fear of litigation could be one reason companies are opting for British-based firms.
“There’s definitely an image that the U.S. is a litigious society,” Acritas CEO Lisa Hart is quoted saying. But Hart also said that U.K. firms have more marketing savvy and could have the edge because of geographic proximity to key international markets. There’s also a misperception that British firms are less expensive than U.S. firms, she said.
