Summary List PlacementA third of internal legal departments state they’re staffing up in preparation for a busy2021 But that does not suggest chances for large law office to win work will go away.
Corporate legal teams expect to be busier with transactional, compliance, and regulative work this year, in addition to altering work environment security guidelines due to the pandemic along with industry-specific modifications in regulation, according to a new report last month from the Association of Corporate Counsel..
Of the nearly 1,000 survey participants, who are chief legal officers and generals counsel, 32%stated they expect to work with more this year– but half of those growing teams state they still plan to contract out more work than ever to external law practice to stay up to date with an influx of work.
Companies used to outsource the majority of their legal work to law firms, whose professionals generate steep legal charges and have a steeper learning curve to the ins and outs of the company they’re dealing with. As internal legal departments handle larger roles within their companies, they can handle more of the legal procedure in-house.
While this lowers the threats to companies of sending out work and vital data outside the business and enhances security, the ACC report said, it can also threaten the stream of everyday work going to law companies– but thankfully, the report found, there’s enough work to walk around that even departments that are staffing up will need the help of outdoors law office to manage an increased volume of work.
Since legal departments are growing in their scope in addition to their size, hiring “does not necessarily imply reducing the quantity of work that is sent out to law firms,” the study stated..
ACC study respondents said they think they’ll need additional resources to take on considerable deals, like M&A s and spin-offs; compliance issues; regulative problems; information personal privacy and defense; lawsuits and e-discovery matters; and more in the coming year.
Heading into 2021, 61%of primary legal officers stated they anticipate industry-specific guideline to be their biggest challenge this year, followed by information security personal privacy guidelines (54%), political modifications (38%), mergers and acquisitions (32%), and taxation (225%).
Chief legal officers also stated that they’ve also been hectic fortifying travel and health policies due to the coronavirus pandemic: 95%stated they’ve altered their employee security policy, and 94%altered their travel policy in 2015.
Legal departments are likewise significantly being called on to deal with a wider series of business functions: 74%manage compliance; 46%manage privacy; 43%manage principles; 40%manage risk; 26%handle federal government affairs; 20%handle personnels; and 18%manage administration.
Compared to 4 years back, legal teams are also working more directly with companies’ core management groups: 78%of primary legal officers now regularly attend board conferences, according to the ACC report.SEE ALSO: How to land a basic counsel task at a buzzy fintech, from 7 top attorneys at companies like Lemonade, Dosh, and Stash.
SEE ALSO: Law firms are on the hunt for new hires. Meet 15 top legal recruiting firms to understand if you’re wanting to make a move.
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