Source: PR Newswire
Leopard Solutions, the premier provider of legal business intelligence and analytics, today announced the release of its 2024 Corporate Counsel Salary & Lifestyle Survey. This comprehensive survey, which gathered responses from nearly 500 in-house legal professionals across the United States, provides essential insights into the evolving corporate legal landscape and offers a detailed look at trends that can impact both law firms and corporate legal departments.
While 94% of respondents have law firm experience, with many having worked in Big Law, 4% indicated they are unlikely to return to law firm life, citing dissatisfaction with salaries, work-life balance, and firm culture. As legal departments continue to evolve, 26% of respondents noted an increase in insourcing legal tasks, with external law firms and alternative legal service providers (ALSPs) playing strategic roles, particularly in complex legal matters. The survey offers law firms essential data to remain competitive in a dynamic market. It provides a roadmap for law firms to better serve their clients through tailored services, innovative pricing models, and enhanced diversity initiatives.
“The data from our survey highlights a clear shift in how corporate legal departments engage with outside counsel. Law firms need to adapt their services to meet these evolving needs,” said Craig Savitzky, Content Development Director at Leopard Solutions.
“The 2025 forecast indicates an overall increased spending, but not specifically for law firms. According to our survey, only 10% of respondents plan to boost spending with traditional law firms, though this could shift. In contrast, companies are highly satisfied with Alternative Legal Service Providers (ALSPs), with 88% planning to maintain or increase their budgets in that area. Law firms that emphasize value and flexible fee arrangements may be better positioned to capture this business,” said Laura Leopard, Founder and CEO of Leopard Solutions. “The survey findings also emphasize the importance of cutting-edge legal intelligence solutions, such as our new platform, Leopard PROWESS, designed to meet corporate counsel’s unique needs.”
Read the full article: https://www.prnewswire.com/news-releases/leopard-solutions-survey-reveals-trends-in-corporate-legal-departments-approach-to-selecting-outside-counsel-302302921.html
