As we learned with the recently released, State of Corporate Law Departments 2019 — published by Thomson Reuters Legal Executive Institute, the International Bar Association (IBA), the Corporate Legal Operations Consortium (CLOC), and UK-based legal research firm Acritas — today’s corporate law departments have more challenges to contend with than ever before.
Now, a new Infographic drills down further into the report, noting three key takeaways from the report’s findings that focus on characteristics of successful corporate law departments and law firms, while shedding some light on the relationship between the two.
Echoing themes from the report, the Infographic underscores how those corporate law departments that seek to maximize the value of the legal services they deliver need to pay as much attention to improving the impact those legal services have at the parent company level as they now do to reducing the cost of those services.
Of course, corporate law departments must do this while still fulfilling their primary duties of i) providing legal support to their corporate parent that offers the organization a competitive advantage; and ii) guarding against unnecessary risk and potential legal pitfalls.
Noting that the report showed how innovative corporate law departments scored significantly higher across all key performance areas, the Infographic also focuses its key takeaways on innovation, such as embracing legal technologies, encouraging collaboration, and improving process management.
Finally, the Infographic can point you directly to the State of Corporate Law Departments 2019 report, which in turn, provides a number of key levers that corporate law departments can use to help establish a more high-performing legal function, thus enhancing the department’s impact on the success of the parent organization.