Is this the sweet spot for clients’ legal spend?
More than half of corporate legal departments are using their budgets inefficiently according to research from Acritas.
The survey of around 2,000 in-house counsel around the world found that spending between 40% and 70% internally may the sweet spot but 60% of respondents are spending outside that range.
While the data shows that internal spend has increased 11% since 2012, the research comes with the caveat that optimum spend differs by country and industry sector.
“Globally, the average proportion of revenue allocated internally is 44%,” says Lisa Hart Shepherd, CEO of Acritas. “However, it’s rarely useful for organizations to benchmark themselves against global or even country averages as they are unlikely to be in line.”
Global law firm updates contacts resource
has updated its Global Contract Laws resource drawing on legislation from 50 countries including Australia, New Zealand, China, Singapore, the UK and the US.
The online resource has added new countries in Asia and South America and offers a free overview and comparison of laws relating to topics including warranties, liability, product liability, remedies for breach of contract, the termination of contracts, transferring rights and sub-contracting, performance and delivery, risk, and e-contracts.
"This update will give users an upper hand in determining how to do business around the globe, and guide them through a number of business critical commercial and contract law topics,” said Iain Bowler, Co-Chair of DLA Piper
's Global Commercial Contracts Group.
Eversheds Sutherland deal with airline trade body extended
Airline trade organization IATA has extended its legal support contract with Eversheds Sutherland for a further two years.
The agreement covers Asia Pacific, Europe, North Asia, the Middle East and Africa.
The firm began working with the IATA in the Middle East and Africa in 2013 with Asia Pacific, North Asia and Europe added a year later.