The “2022 State of Corporate Law Departments” report from Thomson Reuters Institute highlights several key metrics that companies need to focus on to improve the legal department’s bottom line. While cost is the most commonly cited metric, efficiency and quality of work are not far behind, each cited by a significant percentage of respondents. Several companies are turning to automation to increase productivity, but the biggest concern is quality. Many corporate legal departments aren’t sure how to make this happen.
The top priorities of corporate legal departments remain similar year-over-year, but there is extreme turbulence in this space. The report finds that companies need to use the momentum from the past two years to embrace transformative change both within their own departments and in their relationship with external law firms. Rather than being swept up in the whirlwind of change, the most successful departments will leverage their momentum and embrace transformative change.
While predicting future trends is challenging, the first webinar for the year 2022, co-hosted by Thomson Reuters, will address current legal issues and concerns. In-house lawyers should be aware of COVID-19, sanctions against Russia, and the implementation of gender parity policies. They should also watch the developments around corporate governance and diversity and inclusion. Several notable legal issues will be addressed in April. The Centre for Legal Leadership and Practical Law recently hosted a webinar on how to structure the legal team.