What do pharmaceutical giant Pfizer, IT player Cisco Systems and credit powerhouse American Express have in common? Theyâve ditched the traditional hourly model for legal fees to cut costs. Pfizer, which spends over $500 million annually on legal fees, says it will cut legal costs by up to 20%, mostly through flat-fee arrangements, according to the Wall Street Journal. Cisco Systems has shifted 80% of its legal work to flat-fee arrangements. American Expressâs chief litigation counsel, Stuart Alderoty, told the Wall Street Journal âI havenât had one firm in 2009 tell us, no, that they flatly wouldnâtâ¦move away from the traditional hourly model. The paradigm has changed.â
Our prediction: keep an eye out for more fixed-price work in Government Contracting.
Joan Amble, founder and president of a consulting firm, has been appointed to the board of directors at Vienna, Virginia-headquartered space data provider Spire Global (NYSE: SPIR). She holds extensive audit and governance experience and aims to help Spire’s leadership team implement best practices to navigate business growth, the company said Thursday. Amble previously served
Christopher Young, former CEO of computer security software provider McAfee (Nasdaq: MCFE), has joined Microsoft (Nasdaq: MSFT) as executive vice president of business development. He will report directly to Microsoft CEO Satya Nadella and oversee the technology firm's global BD strategies that include strategic alliances, joint ventures and venture investments.
The GovCon Index closed down for the third consecutive day losing 0.146 points to 75.915. Caterpillar (NYSE:CAT), 3M (NYSE :MMM), and American Express (NYSE:AXP) all turned in disappointing results dropping more than 2.5% on the day. A sluggish international market and strong U.S. dollar have impacted global operations for multinational companies. The Dow Jones Industrial Average dropped to 17,