A recent study titled ‘Riding the winds of change’ by analyzed the responses of over 50 corporate general counsel (GC) and senior executives. It confirmed the trend of corporate legal departments being under pressure to do more with less and foreshadowed that trend will continue — 83 percent of GC’s face pressure to improve the efficiency of their function and reduce costs. The survey also revealed 56 percent of GC’s were affected by budget reductions, and 24 percent of those GCs had their legal teams reduced.

“More-for-less” strategies

The study also identified the top three “more-for-less” strategies being adopted by in-house legal teams: 1) Taking a more innovative approach to technology, 2)Increasing efficiency by unbundling matters and getting a one-stop-shop legal advisor for complex matters, and 3) Improving project management skills of in-house teams so that complex matters can be dealt with internally.

Reduce cost and gain control…in-house

Corporate GC’s who are looking for ways to reduce costs and gain control over their processes will want to explore these In-House Elevated signature papers for insights regarding how to improve processes and a glimpse at new approaches to technology:

 

A look at the survey

Ashurst: Riding the wind of change

Source: Ashurst: Riding the wind of change