Legal Executive Institute March 14, 2019
Today’s corporate law departments have a fuller plate than perhaps any time before. First, they must exercise their primary duty to provide legal support that enables their organization to maximize its competitive advantage. Second, they must safeguard the organization against unnecessary risk and avoid potential legal pitfalls in a greater number of areas than ever before.
Finally, they must perform these duties in an environment that is emphasizing efficiency, lower cost, and greater value in the delivery of legal services.
A new report, State of Corporate Law Departments 2019 — published by Thomson Reuters Legal Executive Institute, the International Bar Association (IBA), the Corporate Legal Operations Consortium (CLOC), and UK-based legal research firm Acritas — assesses the landscape for corporate law departments and finds that in order to maximize the value of the legal services delivered, corporate law departments need to pay as much attention to improving the impact of those legal services as they now do to reducing the cost of those services.
Indeed, today’s legal problems faced by corporate law departments are dynamic and wide-ranging, and the solutions require a highly diverse set of skills and capabilities — teams of lawyers alone are no longer enough to solve all problems in optimal ways.
The report shows that innovative law departments score significantly higher across all key performance areas, including the ultimate measures of quality and value. And this level of innovation needs to incorporate a wide array of different areas, such as embracing legal technologies, utilizing expert professionals alongside lawyers, reviewing and overhauling work processes and pricing models, and building more collaborative partnerships between in-house teams and outside law firms and alternative legal services providers.
The report also identifies a number of key levers that corporate law departments can use to create a high-performing legal function and enhance the impact that their department makes on the overall success of the organization.
Acritas can provide further benchmarking data on other topics such as, legal spend and remuneration on its online platform for legal departments. We provide this for free as an incentive to participate in our global research in return for participating in a 25-minute Sharplegal telephone interview discussing your perspectives of the legal services market. The Analytics tool also provides access to a database of exceptional Star Lawyers, as recommended by other survey participants, across more than 50 countries worldwide. You can see why the Star is recommended and the demographics of the client making the nomination.
To participate and access Acritas Analytics, please email firstname.lastname@example.org with your preferred time and phone number. You can also click here to use the online booking app. You must fit our qualifying criteria to gain free access which includes a minimum revenue of $50m and being a decision-maker when it comes to procurement of legal services. Paid access is available for $995 per annum.
For further information on how Acritas can help you and your organization, please contact Lizzy Duffy on email@example.com or +1 646 480 5738 or Jo Summers on firstname.lastname@example.org or +44 808 178 3020.