Some spend hundreds of million a year on legal services, while many more expect to increase thei expenditure next year rather than reduce it. For the money they spend, quality matters: 95% of them rate service delivery and legal advice as the most important factors. But when it comes to value for money, more than a third are dissatisfied.
They are the general counsel and heads of legal departments in 900 companies surveyed by Legal Week Intelligence for the Best Legal Adviser Report (previously known as the Client Satisfaction Report).
Total annual expenditure on external law firms by FTSE 100 companies surpasses £25bn, so it’s no surprise that the report includes feedback from a number of respondents whose annual legal spend exceeds £100m.
The overall average is £11.8m per GC, spread across a diverse range of sectors, with financial services (22%) being the largest single component. Thirteen of the UK’s 15 largest companies and eight of the world’s 10 largest investment banks are represented in the survey, which generated feedback on nearly 400 law firms.