The 2020 Law Department Survey found that 84% of corporate legal departments anticipate an increase in their legal needs over the next year, particularly in areas such as mergers and acquisitions, data privacy, and compliance. However, despite the growing demand, legal spending is only expected to increase by 2%. The survey also revealed that 18% of respondents plan to reduce staff, while only 44% plan to hire more staff. Instead, many departments aim to meet the increased demand by maximizing the efficiency of existing resources and adopting technology. Furthermore, diversity is gaining importance in hiring decisions and outside counsel selection, with 49% of respondents considering it "very important."
This article was originally published on Law360.
- Business operations
- Enterprise legal management
- Financial management
- Show all 5