General counsel claim the increases in revenues at the
Their response comes despite the fact that magic circle firms such as Clifford Chance, Linklaters, Freshfields Bruckhaus Deringer and Allen & Overy all reported turnover of more than £1bn this year.
Richard Wiseman (pictured), Shell’s general counsel for M&A and project finance, said that demand for legal services would continue to have the biggest bearing on fees.
He said: “It doesn’t have much to do with success; fees are driven largely by economics and what people are prepared to pay.”
The satisfaction levels reported by the in-house legal teams this time around contrast with the general in-house reaction to last year’s results.
Then clients had been quick to complain that charge-out rates were too high as a result of the boom market and had made them wary of instructing external counsel.
This difference in opinion suggests that — irrespective of the headline rates law firms are charging — general counsel are able to secure discounts from their advisers on a job-by-job basis.
Carol Hui, general counsel at services company Amey, said: “It is up to the in-house lawyers to ensure they look after their companies’ interests by striking the best fee deal possible on each transaction.”
However, Mark Maurice-Jones, general counsel for Kimberly-Clark in Europe, the Middle East and
“I’m always looking for alternatives and, due to costs, historical relations do not always count for much.”
In-house counsel also maintain they are confident they can continue to recruit sufficient legal talent, despite the fact that all of the top 10 firms reported soaring PEP levels over the course of the last financial year.
Amey’s Hui added: “In sizeable companies, there are many benefits, both tangible and intangible, which law firms just cannot provide.
“The total remuneration package is often competitive. There is generally no recruitment issue.”Will the top 50 stand up as the slowdown takes hold? Click here to have your say.
Click on the link below for the full table of results.
UK Top 50 2007-08Have your say on all the end-of-year financials with the Legal Week Wiki results special.
More in-house news, comment and analysis
UKTop502008
