Corporate legal departments are dealing with increasing pressure on how they do their jobs as the volume of their legal work continues to grow, and the overall legal department budget isn’t being increased at the same rate.
As a defensive strategy, legal departments are learning how to do more with less and are thus focusing strategically on improving the efficiency and cost-effectiveness of their legal operations.
In the third edition of the Thomson Reuters Legal Tracker™ Legal Department Operations (LDO) Index, we examine the environment for corporate legal departments offering qualitative and quantitative insights into legal department operations. (You can read Thomson Reuters’ news release on the report here.)
As the report points out, legal departments are undertaking an operational analysis and are looking at process improvements and technology to deliver on key department initiatives like controlling outside counsel costs and simplifying workflow and manual processes.
The new LDO Tracker report highlights some key themes, including how legal departments are examining:
- Legal Operations, including in-house/outside counsel ratios, staffing, diversity and metrics;
- Spend Management strategies, including cost-control measures and their effectiveness, timekeeper rates, and alternative fee arrangements; and
- Legal Technology, including ranking key solutions and emerging technology trends.
The LDO Index includes responses to a survey conducted among Legal Tracker customers in May 2018. The survey received responses from 217 legal departments, including 76 corporations in the Fortune 1000 and respondents from legal departments across 34 industries. Legal Tracker data represents of more than $83 billion in legal spending from more than 1,200 legal departments and 62,000 law firms.
You can download your free copy of the third edition of the Thomson Reuters Legal Tracker™ Legal Department Operations (LDO) Index here.