Bruce Meckler, chair of Legal Fee Solutions, was interviewed by Bloomberg BNA Big Law Business in "Fee Specialist on How GCs Are Tackling Their Budgets."
Bruce Meckler said that since around 2008, in-house counsel have been applying new scrutiny to bills, and demanding more information from their outside counsel. “Since the crash of ’07 or ’08, law firm economics has just been turned on its head,” said Meckler. Many of the changes originated with practices first implemented by insurance companies in the 1990s, he said, and are now gradually spreading to all corporate law departments.
“There’s a lot more communication in general,” said Meckler. “The days of hiring a law firm and hearing about the status every six months are over. GCs need to hear updates every week.” Still, though, he said that hasn’t stopped some law firms from billing more than they should, including one he recently came across that charged $50,000 for the work to prepare a budget that the firm needed to continue its relationship with the client.
Bruce Meckler spoke to Big Law Business about how and why in-house counsel are applying more pressure on their outside counsel, new billing practices and his expectations for law firm economics.
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