In a new video interview, Mike Abbott, Global Lead of Enterprise Thought Leadership and Content Strategy at Thomson Reuters, speaks with Lisa Hart Shepherd, CEO and Founder of Acritas, about key highlights from the recently released report, 2019 State of Corporate Law Departments.
The report — published by Thomson Reuters Legal Executive Institute, the International Bar Association, the Corporate Legal Operations Consortium, and UK-based legal research firm Acritas and UK research firm Acritas — evaluates the landscape for corporate law departments and identifies certain steps that corporate law departments need to take in order to maximize the value of the legal services they are providing to their organization.
For instance, Hart Shepherd says in the video, while last year’s report focused in part on how corporate law departments could reduce their costs, this year’s report goes further into the steps they need to take to improve the impact of the legal services they deliver. “What we found this year is that working more on the impact of the legal function can actually add more value than by simply reducing costs,” she explains.
In the video, Abbott and Hart Shepherd also discuss how the report identifies a number of key levers that corporate law departments can use to create a higher performing legal function, build innovation through modern technology and metrics, and ultimately show the value of the department.
“The corporate law department is like any department in corporation,” she adds. “It has to make an impact, measure and justify its worth, and its contribution to the organization.”
Watch the full video here: