Leopard Solutions Survey Reveals Trends in Corporate Legal Departments' Approach to Selecting Outside Counsel

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Nov 12, 2024, 13:00 ET

In pursuit of innovation and cost control, legal departments are increasingly focused on establishing pre-approved law firm panels and adopting alternative fee arrangements.

NEW YORK, Nov. 12, 2024 /PRNewswire/ -- Leopard Solutions, the premier provider of legal business intelligence and analytics, today announced the release of its 2024 Corporate Counsel Salary & Lifestyle Survey. This comprehensive survey, which gathered responses from nearly 500 in-house legal professionals across the United States, provides essential insights into the evolving corporate legal landscape and offers a detailed look at trends that can impact both law firms and corporate legal departments.

While 94% of respondents have law firm experience, with many having worked in Big Law, 4% indicated they are unlikely to return to law firm life, citing dissatisfaction with salaries, work-life balance, and firm culture. As legal departments continue to evolve, 26% of respondents noted an increase in insourcing legal tasks, with external law firms and alternative legal service providers (ALSPs) playing strategic roles, particularly in complex legal matters. The survey offers law firms essential data to remain competitive in a dynamic market. It provides a roadmap for law firms to better serve their clients through tailored services, innovative pricing models, and enhanced diversity initiatives.

"The data from our survey highlights a clear shift in how corporate legal departments engage with outside counsel. Law firms need to adapt their services to meet these evolving needs," said Craig Savitzky, Content Development Director at Leopard Solutions.

Key Findings from the Survey Include:

Shift to Smaller (Regional or Boutique) Firms: 56% of companies have moved legal work from larger to midsize firms to reduce costs.
Stable RFP Activity: The average number of Requests for Proposals (RFPs) issued in 2023 remained stable at 3.35.
Growing Use of Alternative Fee Arrangements (AFAs): 54% of companies now use AFAs, signaling dissatisfaction with traditional billable hour models.
Adoption of Legal Tech: 36% of corporate legal departments reported integrating AI into their operations.
Job Satisfaction Concerns: 38% of respondents expressed dissatisfaction with advancement opportunities.
Lagging Diversity Initiatives: 42% of companies do not have a diversity supplier program, but most indicated the desire to include diversity as a hiring criteria further diversity effort.

"The 2025 forecast indicates an overall increased spending, but not specifically for law firms. According to our survey, only 10% of respondents plan to boost spending with traditional law firms, though this could shift. In contrast, companies are highly satisfied with Alternative Legal Service Providers (ALSPs), with 88% planning to maintain or increase their budgets in that area. Law firms that emphasize value and flexible fee arrangements may be better positioned to capture this business," said Laura Leopard, Founder and CEO of Leopard Solutions. "The survey findings also emphasize the importance of cutting-edge legal intelligence solutions, such as our new platform, Leopard PROWESS, designed to meet corporate counsel's unique needs."

The survey respondents come from a wide array of backgrounds, reflecting a nearly equal gender balance. The majority of participants identified as white, with strong representation from Black, Asian, and Hispanic communities. Geographically, most responses came from legal professionals based in Texas, California, and New York. Furthermore, 39% of respondents work at companies generating $10 billion or more in revenue, and over half are employed by organizations with over 10,000 employees.

Leopard PROWESS (Panel Ranking and Operational Workflow for Enhanced Selection System), launched in October 2024, is a revolutionary platform that redefines how corporate legal departments select and manage outside counsel. With customizable panels and detailed 360º firm reports, corporate legal teams can efficiently locate, evaluate, and rate outside counsel, helping them find the right talent for their specific needs.

You can access the full 2024 Corporate Counsel Salary & Lifestyle Survey Report.

About Leopard Solutions

Leopard Solutions, a SurePoint company, is a leading provider of legal market intelligence with over 20 years of experience. We offer real-time, curated insights to help legal professionals enhance their business and recruitment strategies. Serving a broad range of clients—including law firms, recruiters, law schools, and corporations—Leopard Solutions provides data solutions for job searches, recruitment, and competitive intelligence. Our technology is continuously updated to ensure relevance and accuracy, building a strong reputation for reliability.

Leopard Solutions was acquired by SurePoint Technologies, a leading provider of innovative legal software that improves workflow and financial performance for mid-sized law firms.

Learn more: https://surepoint.com/solutions-overview/leopard-solutions/

www.leopardsolutions.com

SOURCE Leopard Solutions LLC