Legal Spend Management

The Growth of Legal Fees [Infographic]

By August 25, 2016December 3rd, 2019No Comments
Infographic-Growth-of-Legal-Fees

It’s no surprise to most of our clients that legal fees have been on the rise. A recent study by Citi Private Bank looked at some of the data behind this trend, and found that legal fees for the first half of 2016 grew even more sharply than for the same period last year. Most of this growth can be attributed to an increase in billing rates, but an increase in head count at the firms and declining productivity are also to blame.

We put together an infographic below to summarize this trend, which reinforces the need for corporate risk, claims, and legal departments to have their outside counsel invoices reviewed by an experienced third party consultant.