Abstract
How are relationships between clients and law firms in the corporate legal market evolving, and why? Drawing on interview and survey data from 166 chief legal officers of SP (2) formally limited in duration and subject to renegotiation, these relationships nevertheless continue to be enduring; and (3) clients focus not only on law firm platforms and lead partners, but also on teams and departments within the preferred providers, allocating work to these subunits at rival firms over time, and following “star” lawyers from firm to firm more often if they move as part of a team. The combination of long-term relationships and subunit rivalry provides law firms in these relationships with steady aggregate work flows and allows companies to keep cost pressure on firms while preserving relationship-specific capital, quality assurance, and soft forms of legal capacity insurance - that is, a soft guarantee that their law firms will stand ready to provide legal services when and as needed by their clients. Apart from their descriptive value, our findings have normative implications for law firms, corporate departments, law firms, and law schools.
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