BETHESDA, MD – (July 15, 2013) – A majority (61%) of Fortune 1000 General Counsel are not satisfied with the rates they pay to outside counsel, according to a new survey by Consero Group, an international leader in creating high-level, invitation-only events for senior executives. The results were reported as part of the 2013 General Counsel Data Survey, compiled by Consero Group in partnership with Applied Discovery.
Currently, a majority (61%) of General Counsel use alternative-fee arrangements for outside counsel, and sixty percent said they plan to increase their use of such arrangements over the next twelve months.
“General Counsel are under increasing pressure to reduce legal expenses and obtain even more value from outside counsel,” said Paul Mandell, Founder & CEO of Consero. “It is therefore no surprise that they believe rates for outside counsel are too high and that the move to alternative-fee arrangements will continue over the year ahead.”
In addition, nearly one-third (31%) of General Counsel reported that their companies experienced a cyber security breach in past twelve months. The same number (31%) said that their companies are not prepared to defend against intellectual property theft, and nearly a quarter (23%) said that their organizations are unprepared for cyber attacks.
“From thefts of intellectual property to disclosure of sensitive client and employee information, compromises of corporate data can have disastrous effects,” said Mandell. “It is a positive sign that a majority report that their companies are prepared to defend against such attacks, but until these numbers reach 100 percent, more work in this area seems warranted.”
Other findings included that most General Counsel (69%) have not identified a successor. In addition, the vast majority (81%) reported being satisfied with their company’s social media policy.
The 2013 General Counsel Data Survey included 8 questions that were posed to Fortune 1000 General Counsel in connection with Consero’s invitation-only General Counsel Forum in May 2013. A total of 52 responses were provided.
Founded in 2010, Consero Group is an international leader in creating industry-specific events for senior-level executives in industries that include: Legal, Compliance, Shared Services, Customer Experience, Finance, IT, HR, Procurement, Higher Education Technology, and Brand Protection & Anti-Counterfeiting. With operations in the U.S. and in Europe, Consero is best known for transforming the executive experience through intimate, invitation-only programs in a sophisticated learning environment with high-level content. For more information on Consero, please visit www.consero.com.
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