To provide a sense for the findings – here are 10 high-level findings from the survey:
- Legal Sentiment. 70% of legal departments surveyed say this year has been better than the last year.
- Corporate Counsel Agenda. 61% say reducing outside counsel spend is currently the top legal department goal.
- Legal Department Challenges. Improving operational efficiency and regulatory compliance are the top legal department challenges.
- Legal Budgets. 32% expect legal department budgets to increase in the next 12 months.
- Inside Counsel Staffing. 27% expect legal department staffing to increase in the next 12 months.
- Legal Department Metrics. 56% say legal budget forecasted vs. actual spend is the top legal department KPI.
- Moving More Work In-house. 54% of legal departments plan to manage outside counsel spend by bringing more work in-house.
- Selecting Outside Counsel. An “existing relationship” is the top factor in outside counsel selection.
- Legal Department Operations. 27% of corporate legal departments are reliant on manual processes.
- Legal Tech Spending. 37% of legal departments plan to increase spending on technology
The full findings will be out in December, so Pickled Ginger will update then.