In a recent survey conducted by the Association of Corporate Counsel and Everlaw, legal departments are implementing new strategies to minimize costs. These include bringing more work in-house, outsourcing work to smaller firms, and leveraging technological advancements such as artificial intelligence.
The survey, which garnered responses from 373 legal professionals in the U.S., unearthed that 66% believed bringing more work in-house is their primary tactic for cost reduction. Furthermore, an impressive 82% noted that the key advantage of in-housing is its potential to significantly lower overall expenses.
Simultaneously, departments are mindful of making the shift from larger to smaller firms as another strategy for cost saving. While the shift has its challenges, the smaller firms’ cost structure brings financial advantages. In addition, the survey found them also increasingly turning to artificial intelligence to further streamline operations and boost efficiency.
With the ever-increasing pressure to reduce expenses without compromising efficiency, legal departments are looking for new ways to manage their work while staying within rapidly tightening budgets. It seems that bringing work in-house, coupled with a shift towards smaller firms and a stronger emphasis on technology, are the key strategies shaping the future of legal departments worldwide.
For more details on the findings of the survey, you can visit the original report published on law.com.