Corporate Legal Teams Adapt as Big Law Firms Hike Rates by 20%

Amid rising costs in legal services, corporate legal operations leaders are exploring novel strategies to mitigate the impact of increasing rates from large law firms. Jessica Williams, director of legal operations strategy and data at Geico, pointed out that these rate hikes are becoming common, with some as high as 20%, occurring just months after an initial agreement is made. This trend is compelling companies to recalibrate their approach to managing legal expenses in order to maintain effectiveness while controlling costs. Further insights and detailed strategies are discussed in an analysis found on Corporate Counsel.