As the world grapples with economic uncertainty, corporate legal departments are evolving into problem-solvers helping businesses not only survive but also thrive. This changing role of in-house legal teams is deeply rooted in their strategic approach towards litigation and risk management, according to a study sponsored by Burford.
For this study, in-depth interviews were conducted with 66 senior lawyers, including General Counsels (GCs) and heads of litigation. These individuals are responsible for litigation at organizations across the United States, Europe, Asia, and Australia. The outcome of these discussions offers fresh perspectives on topics like managing litigation costs, maximizing recovery, and collaborating with law firm partners.
You can dive into these insights by downloading the 2023 Litigation Economics report provided in the article on Above the Law.
The exploration through the eyes of these top legal professionals gives us a view into the approaches being used to navigate the complexity of modern economic challenges. It provides a clear picture of how legal departments are adapting themselves to find new value in turbulent times. The insights encapsulated in the report serve as an invaluable resource for corporate legal professionals, presenting strategies that have helped successful companies maintain operational efficiency and financial health despite economic headwinds.
As we move closer to 2023, it’s clear that the role of the legal department in litigious matters and risk management is becoming more pivotal. In such contexts, the learnings from this report can influence the decision-making process of legal departments across industries and geographical locations, helping them add value to their organizations in these uncertain times.