Priorities of legal departments are always driven by the needs and plans of their underlying businesses. In the new 2024 State of the Corporate Law Department report, the Thomson Reuters Institute found that both business and legal priorities continue to change rapidly for those organizations, including some notable gaps between the legal department and C-Suite perceptions of risks and opportunities.
Informed by interviews with over 4,500 professionals worldwide, including legal leaders, C-Suite executives, and compliance professionals, the report found:
- GCs largely believe that GenAI will be transformative to legal work
- Departments are chasing efficiency gains by moving work both in-house and to different firms
- External counsel spend is generally expected to increase
- Data privacy, cybersecurity, and ESG concerns top the list of potential future risks
- Legal department leaders see their priorities substantially differently than executive leadership does, allowing GCs to redefine the perception of the department
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The article was originally published by the Thomson Reuters Institute, and featured on Legal Insight with permission.
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