2023 State of the Corporate Legal Department
The last few years have been eventful and transformative, to in-house legal departments as much as to the businesses they advise. In the new 2023 State of the Corporate Legal Department report, the Thomson Reuters Institute found that priorities and concerns continue to shift.
Driven by interviews with 1,569 professionals worldwide representing corporate law departments of companies with more than $1 billion in global revenue, the report found:
- Compliance with changing global regulatory burdens is now the top priority for a majority of departments
- Risk management is becoming a key component of overall cost control
- More departments expect to increase budget in 2023 than reduce it
- Departments are increasingly quick to move work among outside vendors – including an increasing use of ALSPs – to manage cost increases and deliver cost-effectiveness
- Most departments are still grappling with the details of hybrid work but have shifted decisively to a hybrid model
Get your complimentary copy of the 2023 State of the Corporate Legal Department report to receive:
- Legal spend benchmarks enable you to compare your business to competitors’ and evaluate your spend levels and allocations
- Evidence-led advice on how to optimise your department and its outputs
- Peer insights collated from other corporate legal departments across the world to inspire innovation and transformational change.
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