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 Law Department report, Thomson Reuters Institute found that priorities and concerns continue to shift.
The report is compiled from interviews with more than 1500 professionals from corporate law departments of companies with more than $1 billion in global revenue.
- compliance and changing global regulatory burdens is now the top priority for a majority of legal departments,
- risk management is becoming a key component of overall cost control,
- most departments expect to increase budget in 2023 than reduce it,
- departments are increasingly quick to move work to ALSPs (alternative legal services providers) and outside vendors to manage cost increases and deliver cost effectiveness,
- most departments have shifted decisively to a hybrid work model.
How can this report help your legal department?
- evaluate your legal spend and benchmark vs other businesses,
- optimise your department’s workflow and outputs,
- inspire you to innovate and change through peer insights.
Get your complimentary copy of the 2023 State of the Corporate Law Department report by completing your details on this page.
For more related insights, read the 2022 Legal Department Operations Index special report, or learn about the growing market of alternative legal services (ALSPs).