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July 23 -- Most chief litigation officers in the financial services and insurance industries report having sufficient resources to manage their company's legal work internally, according to a new survey by Consero Group.
Eighty percent of those surveyed said they are not delegating more work to outside counsel than they did 12 months ago, according to the July 9 survey. Consero conducted the survey in May 2014 among 44 leaders of Fortune 1000 company litigation departments.
This data shows economic restraints on litigation departments have eased compared to four or five years ago, according to Consero.
One of the reasons the percentage has been increasing during the last few years is due to cost saving measures, such as the use of alternative fee structures with outside counsel, Paul Mandell, founder and chief executive officer of Consero, said in a July 23 press release.
“As a majority of Chief Litigation Officers in the financial services and insurance industries continue to preserve work in-house, and more than a third have increased their use of alternative fee arrangements, it appears these executives continue to be aggressively focused on the bottom line,” he said in the release.
Thirty-six percent of respondents reported an increase in the use of alternative fee arrangements during the last year, while 64 percent said their use has not changed.
In other survey results, some chief litigation officers say they need to work on their relationships with external regulators.
Sixty percent of those surveyed described their relationship as positive or very positive, but 40 percent labeled it as “negative.”
The survey also found:
• About a third of the chief litigators experienced an increase in cases filed against their companies in the last year, while the majority, 56 percent, reported no change in volume. Fourteen percent reported a decrease in case filings.
• A majority (68 percent) reported their staff size has not changed during the past 12 months.
• Seventy percent of those surveyed said their executives are adequately educated on risk.
The survey is available for download at http://consero.com/consero-2014-financial-services-insurance-litigation-survey/.
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