The following In-house Advisor practice note provides comprehensive and up to date legal information covering:
The in-house world and the role of general counsel (GC) are fundamentally transforming. Changes are being felt across the legal market generally, with much media focus on the Legal Services Act, its alternative business structures (ABS) and the impact on consumers. However, the in-house market is also seeing fundamental changes in practice, and as a result, GCs and their teams have to think smarter: the pressure is on to demonstrate their value to their businesses.
In the UK legal market, around 80% of spend on legal services is from organisations. It is this area in which the bigger budgets and money are found—and consequently changes here shape the market. A large proportion of this change is driven by economics. It has been a tough time for businesses, but the changes brought about by GCs thinking and doing differently have the potential to make a positive contribution, including to the bottom line. Significantly, there has been a transformational shift in the nature of power between in-house teams and law firms. Once upon a time it was a suppliers’ market where the law firms held the power. Now, as the economy has contracted, GCs have got smarter and the power is very much with them—the buyers.
The good news for in-house is that GCs are becoming increasingly
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