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10 Telling Statistics from Optimistic Legal Departments

10 Statistics from a New Legal Department Operations Survey

A number of surveys released this year have begun to reveal a sense of optimism within the U.S. legal market.  We’d hasten to add this particular flavor of optimism is better described as cautious.

Cautious as it may be, we sought to quantify that optimism.  A new survey found most legal departments think this year has been better than the last.  However, it’s worth underscoring that legal departments are still “focused on driving value from budgets.”

Ten Key Results from a Legal Department Survey

The data from the survey is embedded in a SlideShare presentation below and will also present a webinar on the survey in early December.  To provide a sense for the findings — here are 10 high-level findings from the survey:

  • Legal Sentiment. 70% of legal departments surveyed say this year has been better than the last year.
  • Corporate Counsel Agenda. 61% say reducing outside counsel spend is currently the top legal department goal.
  • Legal Department Challenges. Improving operational efficiency and regulatory compliance are the top legal department challenges.
  • Legal Budgets. 32% expect legal department budgets to increase in the next 12 months.
  • Inside Counsel Staffing. 27% expect legal department staffing to increase in the next 12 months.
  • Legal Department Metrics. 56% say legal budget forecasted vs. actual spend is the top legal department KPI.
  • Moving More Work In-house. 54% of legal departments plan to manage outside counsel spend by bringing more work in-house.
  • Selecting Outside Counsel. An “existing relationship” is the top factor in outside counsel selection.
  • Legal Department Operations. 27% of corporate legal departments are reliant on manual processes.
  • Legal Tech Spending. 37% of legal departments plan to increase spending on technology

Here are the results of the study

 

Please join us for the webinar on this survey with Kris Satkunas and Mike Haysley from the LexisNexis CounselLink Strategic Consulting team.

Other surveys we have conducted and published include:

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About Frank Strong

Frank Strong
Frank Strong is the communications director for the LexisNexis software division located on NC State’s Centennial Campus in Raleigh. In this capacity, he leads communications efforts in support of software products for law practice and law department management and also litigation tools – across large law, small law and corporate counsel segments. With more than 15 years of experience in the high-tech sector, Strong previously served as director of public relations for Vocus, which developed marketing, PR and media monitoring software. He has held multiple roles both in-house with corporations, ranging from startups to global organizations, and has also endured the rigors of billable hours, having completed gigs at PR firms including the top 10 global firm Hill & Knowlton. A veteran of two year-long deployments, Strong has concurrently served in uniform in reserve components of the military for more than 20 years, initially as an enlisted Marine and later as an infantry officer in the Army National Guard. Strong holds a BA in Film and TV production from Worcester State University, an M.A. in Public Communication from American University, and an M.B.A. from Marymount University. He is a PADI-certified Master Scuba Diver and holds a USPA "B" skydiving license.
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