The 2020 State of Corporate Law Departments (SCLD) report demonstrated that, during the unprecedented last year, the need and merit of embedding technology into your legal processes was more pronounced than ever. Legal department demand for external counsel fell by 2.5% in 2020, as many cases and deals stalled. More than 40% of law departments put in place dispute prevention measures as safeguarding the company quickly became top priority. On top of this, nearly 5 times as many law departments suffered budget cuts as saw budget increases.
The SCLD report also highlighted that utilizing technology and emerging from the pandemic in good shape went hand in hand, as legal departments were able to optimize their processes and find efficiencies. With many companies now operating – or moving towards – flexible working policies, it becomes crucial to understand how technology can ease this transition and further accelerate their change agenda. As legal departments look to the future, it is increasingly important that technology is a significant part of the journey to become more efficient and optimise their processes.
Key takeaways include:
- Understanding how legal departments dealt with and emerged from the pandemic, and what lessons were learned.
- Identifying what metrics your legal department can and should be measuring, and how doing so will help it become more efficient and effective.
- How your legal department can strategically utilize the right technology for your individual needs
This on-demand webinar hosted by Thomson Reuters can be viewed here.
Agustin Sanchez – Director of Business Development, Corporates
Andrew Marsh – Legal Counsel and Director of Human Resource Manifest Seven
Arran Braganza – Founder and CEO Jalubro