According to a recent article in the ABA Journal, it was not that long ago that the in-house legal department at DuPont was implementing an efficiency strategy concerning outside counsel that called for the corporation to use a smaller number of large global law firms.
But now, DuPont, seen by many as a trend setter when it comes to legal cost-cutting, appears to be doing an about-turn and is now looking to retain a larger number of smaller law firms, according to Bloomberg.
Despite partners at such firms charging less than their big firm competitors, DuPont is also pushing for fixed fees and discounted rates.
“At a time when general counsel are looking for alternative billing arrangements, the playing field has been leveled, so smaller firms can make pitches to big clients that would have fallen on deaf ears before,” says DuPont's general counsel, Thomas Sager, in an interview with the news agency.
This is a view that strikes a chord with many of the MSI member firms (www.msiglobal.org) who are seeing many new opportunities emerge. "Of course some of our clients are hurting", said one MSI member firm managing partner, "and that is affecting our firm too. There is no doubt about that. But there are some great opportunities out there, and we are very optimistic that we will come out of this recession with a broader and stronger client base than we had just a short time ago".
James Mendelssohn (jmendelssohn@msiglobal.org)
www.msiglobal.org
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