As we were entering 2020, Canada looked like a growth market for the legal profession with the country’s largest corporate clients were saying they expected to increase their legal spend in 2020.
The strategic priorities these corporate law departments were describing revolved around two core areas as spend was growing: becoming more effective and more efficient. Of course, given the impact of the Covid-19 outbreak and the fallout the pandemic has had on the global economy, it would be easy to assume that the strategic priorities of 2019 are no longer relevant.
However, as we’ve spoken to general counsel throughout the crisis, this is not necessarily the case. Slowly, we are seeing the legal industry shift from immediate crisis management toward short-term planning under what an evolving “new normal” legal landscape might look like.
The new 2020 State of the Legal Market in Canada Infographic uses data from the Thomson Reuters 2019 Legal Tracker™ LDO Index and Acritas Sharplegal US, to identify main takeaways from the recently released 2020 State of the Legal Market in Canada report. Among these findings are how these and other strategic priorities have been identified and which are among them are the most important, according to the corporate law department officials surveyed.
Check out the new 2020 State of the Legal Market in Canada Infographic here.
Some other takeaways explain how corporate law departments in Canada cite Client Service as a main driver of how the select favored law firms. Indeed, corporate clients in the Canadian region cite Service & Relationships much more than other regions around the globe. The infographic also displays the overall budget and median team size by market segment, providing a clearer picture of the demographic composition of the corporate law departments surveyed.
Finally, the infographic provides examples of the top metrics that are currently being utilized within corporate law departments. Metrics sit at the center of this concept of combining effectiveness and efficiency, and are extremely valuable in accomplishing those goals.