Law Firm Pedigree No Longer Major Deciding Factor in Hiring Decisions
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Summary: The legal industry is seeing a major shift in how attorneys are hired by large companies and their General Counsel.
The legal industry is seeing a major shift in how attorneys are hired by large companies and their General Counsel, according to a report from the Harvard Business Review.
The report was generated based on the data compiled by the needs of today's customers.
A survey was conducted of more than 85 General Counsel from major companies across the country. Some of those companies include Google, Nike, Lenovo, Dell, eBay and Vanguard.
The survey found that 74 percent of General Counsels are much more likely to choose an attorney with much less pedigree for high-level litigation compared to an attorney from a more-pedigreed law firm if the cost difference between the two was 30 percent or more.
The more-pedigreed law firms are those in the AmLaw 20.
The study found that the cost premium when companies hire from the AmLaw 20 can increase by as much as 60 percent more than attorneys from other firms.
The Steering Committee Chair for the ACC Value Challenge, Mike Roster, said the following, according to Business 2 Community:
"GCs are moving down the curve of cost; similar to a time when banks moved from the more expensive financial centers such as New York to more affordable cities like Charlotte. When General Counsel evaluates whether the large firm or small firms are better, they look to find the right person in a lower cost model that is highly capable, and often with greater geographic convenience."
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