As the law profession undergoes substantial change, corporate law departments are reengineering almost every facet of their operations. In our recent Hyperion Insights™ survey, we explored transformation initiatives at Global 1000 companies. Of our 90+ participating companies, over three-fourths of senior counsel reported having undertaken reengineering projects in the last 24 months.
The survey results inform a number of critical aspects of law department transformation. While efficiency, cost savings and improved risk management were expected focal points, companies took a broad range of approaches to achieving their goals. Multi-sourcing has clearly become a cornerstone of law department’s quest to find new ways to meet their administrative and operational resource needs. As lawyers have become more process-aware and oriented, performance reporting has become an important dimension of the management toolkit. While budget reports on legal spending are common, departments are beginning to track more advanced and sophisticated KPI and operational metrics. The traditional role of corporate counsel is clearly shifting as legal and regulatory issues become an integral part of corporate success. These changes drive the need for closer working relations with business clients, and correspondingly for the legal department to operate as a true business function.
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