🌊 Why GCs are staring down increased work and slashed budgets
A new survey of GCs, reported by Law360, reveals they are about to be inundated with new work just as companies skimp on legal department budgets.
As Cornelius Grossman of EY Global Law put it to Law360, “More than we even thought, the general counsel are feeling the pressure of doing more with less.”
1,000 GCs were surveyed by EY Law and Harvard: The main findings show that legal work was expected to increase by 25% over the next three years. As the workload increases, few GCs believe their resources will match. In fact, 88% of GCs think they will be forced to cut costs.
And it’s not like legal departments are flush with cash and resources now: GCs were already working long hours, and cuts happened in 2020. Another report, by the firm Wolters Kluwer, found 16% of all corporate attorney-client relationships were put on hold last year.
The key to staying afloat
Experts from Harvard say legal departments will need to use data and tech to better streamline their operations.
Of course, it may also be necessary for GCs to find outside talent that can be efficient and affordable. Lawtrades has plenty of lawyers who can help with that 😉.