Posted by: johnocunningham | February 11, 2016

Law Firms: Where Are Your Best Clients Spending Their Legal Dollars?

Lawyers – did you ever wonder what your biggest corporate client is spending on outside counsel every year?

If you don’t know, there is a way that you can “guesstimate” the annual outside counsel budget for a large corporate client with publicly reported financials.

To figure out how much your coveted client is spending and thereby determine your “share of wallet,” you can check out the article, “Using Stats to Predict Outside Counsel Legal Spending” by Rees Morrison of Altman Weil.

By learning your “share of wallet” you can get an idea of whether there might be opportunity to grow the relationship, and by reading a public company client’s annual report, you can also get a pretty good idea of the types of  business and legal issues they are facing, the industries they serve, the lawsuits they face, and other factors in their hiring of outside counsel.

 

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