Corporate counsel report that class action lawsuits continue to affect companies, and corporate legal departments are devising better and more innovative matter management and cost control tools to combat them.
Overall, corporate counsel reported that although class actions have risen by 16 percent, spending per suit is down nearly 14 percent from 2011 to 2012. This 16 percent growth, coupled with the relatively constant number of new class actions, indicates class actions are taking longer to resolve.
Consistent with last year’s survey findings, corporate counsel who calculate potential financial exposure using rigorous case assessment and modeling are rewarded with substantial cost savings. Companies that employ this strategy spend 38 percent less per class action and 42 percent less on outside counsel than companies that do not conduct a rigorous assessment.
In an effort to help companies better manage these lawsuits and control their costs, Carlton Fields is pleased to offer its Second Annual Class Action Survey, which provides insight into best practices and trends in class action litigation. The survey results from 368 standardized, in-depth interviews with general counsel, chief legal officers, and direct reports to general counsel.
Download the full report at www.ClassActionSurvey.com.