Counsel Spending Increases for Companies
A new survey by PricewaterhouseCoopers reports that spending for outside counsel to advise and represent corporate America rose slightly more than six percent during 1998 - the year the survey covered.
PWC attributes this increase to a strong economy, and more mergers and acquisitions. Other reasons cited included higher hourly billing rates and a higher volume of work, in general.
In-house spending on lawyers also rose by more than four percent during the same year, and total spending was in excess of $10.5 million.
The survey covering both in and outside counsel was conducted among 251 law departments in the utilities, banking and financial services, transportation, manufacturing and insurance industries.