Wolters Kluwer’s “Future Ready Lawyer,” an independent survey conducted pre-COVID (January 2020), assesses the “future readiness and resilience” of law departments and law firms. The survey reveals that the top priorities of law departments are: legal cost reduction/control; improvement of legal operations and project management; and delivery of strategic value to their companies. See the accompanying chart for the changes legal departments expect in the next three years, including: greater use of tech to improve productivity (82%); more collaboration and transparency between inside and outside counsel (80%); and increased emphasis on innovation (76%). “Given the new financial pressures on businesses created by the crisis,” the report concludes, “there will be a brighter spotlight on legal professionals’ performance moving ahead. Corporate counsel and law firms alike will need to increase productivity and efficiency, while also ensuring they deliver the highest value and ROI. Those demands, which gained momentum following the global financial crisis of 2008, now need to be met with greater urgency.”
Published August 19, 2020.