New York, NY— LAWFUEL – The Law News Network – Kirkpatrick & Lockhart Nicholson Graham LLP (K&LNG) has released the findings of its third Top of Mind™: A Survey of Senior In-House Counsel. The survey continues its research into the concerns of corporate decision makers and addresses the most important issues facing in-house counsel to FORTUNE 500 and 1000 companies in the United States.
Peter J. Kalis, Chair of K&LNG’s Management Committee, commented: “A major theme that emerges from this year’s survey findings is the distinct value proposition law firms offer to their clients. The value proposition is how a law firm manages the balance between quality and cost in order to provide value to its clients.”
The survey findings reveal that, while in-house counsel have become increasingly cost conscious, they also have focused on the value that law firms add and the efficiencies gained through convergence, or reducing the number of law firms they use.
Key findings from the survey include:
1. Compliance issues continue to be top-of-mind as in-house counsel’s biggest challenge, ranking second only to containing litigation costs;
2. Concern over corporate governance has increased and ranks third most important of 11 issues (after containing litigation costs, and compliance issues);
3. Litigation is increasingly top-of-mind as one of the most difficult budget challenges, and containing litigation costs continues to be rated as the most important of the issues researched;
4. Online auctions do not appear to be the wave of the future—in fact, only 4% of decision makers interviewed expect to use auctions next year.
Clara Boza, Chief Marketing Officer at K&LNG, observed: “As our clients and the markets in which they operate continue to evolve, it’s imperative that their outside legal counsel understand and adapt to their changing needs and demands. Our market research survey, the third we’ve commissioned, is one of the ways by which we seek to better understand what is top-of-mind for in-house counsel. The better we understand our clients, the better we can serve them.”
To view an electronic version of the TOM Survey, visit our www.klng.com homepage and click on the TOM Survey icon.
Kirkpatrick & Lockhart Nicholson Graham (K&LNG) has approximately 1000 lawyers and represents entrepreneurs, growth and middle market companies, capital markets participants, and leading FORTUNE 100 and FTSE 100 global corporations nationally and internationally.
K&LNG is a combination of two limited liability partnerships, each named Kirkpatrick & Lockhart Nicholson Graham LLP, one qualified in Delaware, U.S.A. and practicing from offices in Boston, Dallas, Harrisburg, Los Angeles, Miami, Newark, New York, Palo Alto, Pittsburgh, San Francisco and Washington and one incorporated in England practicing from the London office.