Transforming the Legal Department in Economic Uncertainty

Even before the coronavirus sent shock waves through the global economy, the legal profession was proceeding with caution. A 2019 survey delivered prescient findings: 76% of chief legal officers said they’re expecting a U.S. recession within the next two years. In preparation, law departments have been careful — only 40% increased their total 2019 budgets, while 38% decreased overall spending. Spending on outside counsel and hiring of in-house lawyers both decreased from 2018 to 2019 as well.

One thing is clear: Legal departments everywhere must continue adapting to changing times.