Private equity firms in the U.S. and the U.K. are cutting back on outside legal spending amid an M&A slowdown that began even before the coronavirus pandemic, according to a May 2020 survey conducted by Apperio, a U.K.-based legal spend analysis company.
Nearly all U.S. respondents - 98% - anticipated a decline in spending, the report found, with 83% expecting outside legal spending to contract by 6% or more.
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