Corporate Counsel - Sample Issue

Corporate Counsel, June 2017 1 SS

INTRODUCTION

Never before have law department leaders been asked to do so much. General Counsel in the U. K. and beyond have been tasked with shepherding their corporations through an increasingly volatile business environment while managing the immense changes sweeping through the legal industry.

This report, supported by data collected from the UnitedLex
Business of Law Survey, shows that these two challenges are
forcing many law departments to rethink their approaches.
While corporate counsel continue to focus on the traditional
priorities of external risk management, there are signs that
law departments are becoming more inwardly focused.

At the same time, law departments have gained in operational complexity – which has exacerbated such issues as cost control, talent management, and internal productivity. This report’s findings suggest that these tasks, which now all feature prominently among law department leaders’ lists of top concerns, are general counsel’s primary operational challenges. (See table.)

The report is a combination of
research, including the results of the 2017 UnitedLex Business
of Law Survey and interviews with law department leadership.
Survey respondents came from a variety of backgrounds,
but typically held a crucial role within their law department.
Nearly three-quarters of respondents managed or influenced
their corporation’s legal budget. Sixty-five percent of
respondents held the title of general counsel.

This report suggests that law departments have made significant progress in some area. Many, for example, have boosted sophistication in managing external spend and related issues. Law department leaders should celebrate these successes as they shift their focus toward the new challenge of internal optimisation.

UnitedLex

Business of Law Survey, 2017

What are the biggest challenges your legal department will face in the future? Percentage of Respondents Reporting Issue As a Future Challenge

Risk Management
Regulatory Changes
Compliance
Globalisation of Legal Issues
Managing Legal Costs
Talent Development & Retention
Governance
Managing IT Spend
Identifying Tech to Drive Productivity
Source: UnitedLex 2017 Business of Law Survey
68%