Transforming the Legal Department in Economic Uncertainty
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.