Cost saving trends between August 2010 and February 2011:
- The number of firms intending to move to less expensive vendors is decreasing
- More firms will continue to cut business development spending
- Layoffs have reduced but pressure to control salaries and bonuses increased.
- Pressure to reduce summer associate program spending is easing up.
- Cross-selling to existing firm clients
- Responding to cost pressure from clients
- Pressure to use Alternative Fee Arrangements
Implications: While this is reassuring news, the lessons of the recession should not be forgotton. Since clients are continuing to be economic pressure on billing arrangments, we will need to continue exploring content licensing arrangements which improve the value proposition for both the firm and clients.