Law Firms on the Chopping Block
Sixty-two percent of CLOs either have or are considering firing one of their law firms this year. Why? Because they think that their outside counsel are unresponsive. There are other reasons for terminating a relationship, but this is the one reason that appears to stand head and shoulders above the others. This reason could be what triggers the dreaded phone call from a client, according to the Second Annual Chief Legal Officer Survey: The Opinions of Chief Legal Officers on Issues of Importance.
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