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Who'd have thought that lawyers would be popular again -- especially in New York?!
After attorneys were caught on video in racist rants in the Big Apple last year, it turns out that legal services are back in demand there. According to a new report, New York is leading the country in corporate legal spend.
Corporations in the state are spending 12 percent more over last year, but the survey says legal departments are spending more everywhere. That's right corporate America, we're talking to you.
Hey, Big Spenders
The HBR Law Department Survey for 2018 shows legal demand is up five percent nationwide. It marks a turn-around in flat figures over the previous four years.
Lauren Chung, managing director of HBR, said corporations are spending more to meet the demand. They are looking to internal and external resources.
"Externally, we are seeing increases in hourly outside counsel rates that are fueling spending levels," she said.
Chung said companies are also hiring legal service providers, and investing more internally on talent and technology.
Law departments also reported they plan to spend more on artificial intelligence. About 28 percent said they will implement AI over the next few years.
AI is already doing a significant amount of lawyer work, including discovery and legal research. One startup offers AI robots for patent lawyers.
In the near future, the law bots may take over. It's not a bad idea, especially in New York where some lawyers don't know how to keep their mouths shut.