EY dropped a major report on the opportunities and challenges of GCs and their legal departments.
We’re summarizing five of the most important takeaways and details. (You can read the whole thing here.)
Outsourcing legal work will be key
GCs expect the workload in their departments to increase by 25% in the next three years while their staffs increase by just 3%.Â
More and more GCs are using Alternative Legal Service Providers (like Lawtrades)
The share of legal departments that used ALSPs rose from 72% in 2019 to 85% in 2020.
Budget cuts are happening
88% of GCs said they intend to cut legal budgets in the next three years, prompted by either the CEO or the Board.
The good news about the budget cuts is technology could help
59% of GCs believe more efficient use of tech will lead to cost savings.
Data breaches are a major concern
65% of GCs say they do not have the requisite data and technology to respond to data breaches.