denotes premium content | Aug 20 2008 
News
posted 22 Jul 2008
Regional firms set to win more work
BUYERS OF legal services in the UK are set to increase their spending with national and regional law firms in 2008, at the expense of the magic circle, according to new research.
The Sharps Legal Brands survey, carried out by Acritas, found over a quarter (26 per cent) of UK legal buyers will increase spending with regional firms – and 20 per cent with national ones. This is compared with the 11 and 13 per cent that expect to decrease their overall spend with regional and national firms respectively.
It also contrasts with the respondents’ intentions with regard to the magic circle law firms, where just eight per cent expect to increase spending, compared with 13 per cent intending to make cuts.
Lisa Hart, Acritas CEO, cited a number of firms “to watch”, including Eversheds, DLA Piper and Pinsent Mason:
“While the level of spending on legal services is holding up at the current very high level, large companies are shifting their spending away from the City to the larger national and regional firms,” she said.
The survey canvassed legal buyers from some 3,000 organisations in 18 different countries.
Other key findings were that legal buyers pay an average ₤328 for an hour of a law firm partner’s time, while magic-circle law firm Clifford Chance was the best known international legal brand, followed by Eversheds, Linklaters and Freshfields.
