The legal profession historically had some of the most inelastic economics of any business in the world. People liked to stick with what they knew, even though what’s on the other side of the fence might have actually been greener, or just as green. Clinging to a false sense of security, when prices went up, people stayed with “their guy.” When prices went down, people, well, also stayed with “their guy.”This is changing fast. Those legal department leaders on the leading edge of this change are being rewarded, while those who still cling to the old economics are risking their careers. General Electric, which has one of the largest and most trend-setting in-house legal departments in the world, has been ahead of this shift.
Bodhala.com, February 2017