July 6 (Bloomberg) — Peter Kreindler, the top lawyer at Honeywell International Inc., likes to buy his briefs in bulk.
Kreindler said he hopes to trim work from hundreds of law firms in Europe this year to gain volume discounts. In the U.S., he has already cut the number of firms he uses for litigation, employment and intellectual property issues to about 20 from 60.
“The fewer firms you use, the more volume you can give them and consequently the bigger discounts you get,” Kreindler, 62, the general counsel at Morris Township, New Jersey-based Honeywell, said in a telephone interview. “That’s what it’s all about.”
As companies spend millions to comply with the Sarbanes- Oxley law and firms raise lawyer salaries by about 10 percent this year, corporate counsel are looking to slash legal budgets. Companies such as General Electric Co., Schering-Plough Corp. and Shell Oil Co. have rolled out similar programs to trim their roster of lawyers.
Details here from Bloomberg.com.
July 6 (Bloomberg) — Peter Kreindler, the top lawyer at Honeywell International Inc., likes to buy his briefs in bulk.
Kreindler said he hopes to trim work from hundreds of law firms in Europe this year to gain volume discounts. In the U.S., he has already cut the number of firms he uses for litigation, employment and intellectual property issues to about 20 from 60.
“The fewer firms you use, the more volume you can give them and consequently the bigger discounts you get,” Kreindler, 62, the general counsel at Morris Township, New Jersey-based Honeywell, said in a telephone interview. “That’s what it’s all about.”
As companies spend millions to comply with the Sarbanes- Oxley law and firms raise lawyer salaries by about 10 percent this year, corporate counsel are looking to slash legal budgets. Companies such as General Electric Co., Schering-Plough Corp. and Shell Oil Co. have rolled out similar programs to trim their roster of lawyers.
Details here from Bloomberg.com.
July 6 (Bloomberg) — Peter Kreindler, the top lawyer at Honeywell International Inc., likes to buy his briefs in bulk.
Kreindler said he hopes to trim work from hundreds of law firms in Europe this year to gain volume discounts. In the U.S., he has already cut the number of firms he uses for litigation, employment and intellectual property issues to about 20 from 60.
“The fewer firms you use, the more volume you can give them and consequently the bigger discounts you get,” Kreindler, 62, the general counsel at Morris Township, New Jersey-based Honeywell, said in a telephone interview. “That’s what it’s all about.”
As companies spend millions to comply with the Sarbanes- Oxley law and firms raise lawyer salaries by about 10 percent this year, corporate counsel are looking to slash legal budgets. Companies such as General Electric Co., Schering-Plough Corp. and Shell Oil Co. have rolled out similar programs to trim their roster of lawyers.
Details here from Bloomberg.com.
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