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Delivering Legal Services
While the statistics vary, the global market for legal services is estimated to currently be around $850 billion, reaching $1 trillion in ~2026 with a CAGR of anywhere from 3.4% to 9% depending on your source. The market for enabling technology across three related categories—legal tech, compliance (RegTech), and contracts (KTech)—is even harder to size but likely in the range of $16 billion and on a trajectory to triple in size over the next five years.
In our opinion, the best overview for understanding the history and trajectory of the market is the Integrated Law whitepaper from Factor.
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115,770 versus 107,209 Above is a graphic that shows the increase in the number of employed lawyers broken down by sector. The takeaway is that in-house
Legal cost savings ≠ Strategy. Align legal ops with business goals for value generation, not just savings.
A new study found that in-house attorneys are still perceived as slowing down projects and being risk-averse. Business units often keep legal in the dark until key decisions have been made. Legal departments need to operate differently to change these perceptions.
The findings show that the pressure on legal professionals is higher now than ever,” according to the Wolters Kluwer report.
A new study found legal teams are trying to relieve the pressure by implementing time-saving technology tools, but 47% said adoption is either too slow or nonexistent.
The data shows in-house counsel are being squeezed from all sides, and in a big way,” said Jason Winmill, managing partner of Argopoint.
Legal departments are taking steps to control costs by bringing more work in-house, using smaller firms, and leveraging technology like AI. A survey found that 66% of in-house legal professionals prioritize bringing work in-house to lower costs.
One driver of the trend is in-house frustration over law firm inefficiencies, such as attorneys' showing off how much they know and commenting excessively on draft documents.
To continue to increase [associate] salaries and then try to pass it on, that's just not defensible, given all the challenges businesses are facing in this environment, said Michael Wu, the chief legal officer of Bath & Body Works.
Regulatory pressures also continue to increase, which place additional emphasis on legal teams to maximize resources, financially and in time.” said Amy Yeung, general counsel and chief privacy officer of Lotame.
According to Thomson Reuters Institute's "2023 Legal Department Operations Index," 70% of respondents reported an increase in legal work volume, while two-thirds of legal departments had flat or decreasing budgets. Despite the need for more efficiency-boosting technology, only 32% reported an increase in budgets for legal tech. This disparity between increasing workloads and limited funding is leaving lawyers trapped in swelling workloads.
A recent survey by Axiom revealed that 61% of U.S. in-house attorneys are very stressed or burned out, an increase from 47% in the previous year's survey. Additionally, 21% of respondents are actively seeking new job opportunities, up from 14% last year.
The majority of in-house lawyers in a recent study reported feeling stressed or burned out in their current roles and many planned to leave corporate legal departments altogether.
“I think that as economic challenges heighten, there is a risk that ESG becomes a nice-to-have rather than a must-have,” one general counsel said.
The largest increases were at companies with more than $20 billion in revenue, where median total legal spend rose to $80 million, according to the annual Law Department Management Benchmarking Report.
Legal departments that are too conservative may neglect organizational needs and underdeliver on objectives. The key is to take smart risks.
Pay gap between GCs and CEOs narrowing. Median compensation for CEOs was 4.1 times that of general counsel in 2022, down from 4.3 times in 2018. Study included 179 firms. Median GC pay higher for companies with more than $25 billion in revenue.
Where you work is a disaster. Welcome to the party, pal.
Winter is coming and many legal departments will be left in the cold. Let's get a difficult conceptual issue out of the way. This is a long post that some
The 2022 Law Department Management Benchmarking Report by ACC and MLA provides key data on legal department performance, staffing, spending, work allocation, ALSP usage, and diversity metrics. Results show shifts in internal/external legal spend, increased in-house work in certain areas, diversity metric improvements, and engagement with law firms. Full survey results are available for purchase.
OpenAI has scooped up Emma Redmond, whose resume includes stints as Stripe, Ancestry and LinkedIn.
“I think many people would rather work on a new problem than a settled problem. Here, there is a lot more opportunity to work on unsettled legal and policy questions, said Adam Kovacevich, CEO of Chamber of Progress.
Only 25% of the more than 200 attorneys responding say they feel fully prepared to deal with a cyberattack.