Majority of Major US Law Firms Have In-house General Counsel, Survey Reports
(Newtown Square, PA, March 25, 2004) – A recent survey of AmLaw 200 firms conducted by Altman Weil, Inc. reveals that almost two-thirds of those responding (62.5%) have an in-house General Counsel (GC). The law firm GC typically is a partner who spends just under half of his/her time in that function, according to the survey.
“This survey was prompted by a number of Altman Weil consulting assignments to investigate the feasibility of creating an internal GC position in light of fallout from corporate crises including those of Enron, WorldCom, Tyco and Adelphia,” notes Altman Weil principal Ward Bower. “The dearth of reliable information on these positions suggested the need for a study on the GC’s existence, role and function.”
The survey found that 63% of in-house law firm General Counsel report to the firm’s Chair or Managing Partner, although in some instances the reporting relationship is to an Executive or Management Committee, or to a Board. Access to the law firm GC is extended to the Chair, Managing Partner and Executive Committees in 94% of responding firms, and to practice area and office managing partners and partners generally in 80% of firms. Associates and paralegals generally do not have access to the law firm General Counsel, at least not directly.
Areas in which law firm General Counsel are most likely to have authority are those relating to risk management, including engagement of outside counsel, professional liability issues and professional responsibility issues.
Founded in 1970, Altman Weil, Inc. provides management consulting services to law firms, law departments and legal vendors throughout North America, Latin America, the U.K. and Europe. Altman Weil is known for the many legal economic and management surveys it conducts and publishes, including the Survey of Law Firm Economics.
Full details of the Altman Weil Flash Survey on Law Firm General Counsel are available at www.altmanweil.com/news/LawFirmGCSurvey.cfm.
