In the past few weeks, I’ve posted on the decision many firms have made to raise hourly rates for 2010 (here, here and here). The inside counsel world has heard the same thing. And they are not happy.
Check out this Law.com post featuring how two GCs are handling the issue. For those with no time to click, picture the GC in his or her office window waving goodbye and the outside lawyer walking dejectedly down the road, briefcase dragging behind.
The key comment in the post is from Brad Hildebrandt: “It’s a buyer’s market.” Brad Hildebrandt’s reputation aside, the truth is that it always has been a buyer’s market. GCs are now choosing to exercise their inherent power more than before.