The demands on in-house lawyers have shifted significantly over the recent years, as a new survey by Summize indicates. Approximately 77% of surveyed in-house legal professionals reported that their roles have evolved in the past two years, with compliance and risk management taking up a more substantial share of their responsibilities. This change stems from increased regulatory demands and external oversight, elements that were noted as contributors by about a third of the participants, who said their roles have been significantly transformed. These findings were highlighted in Bloomberg Law’s latest Wake Up Call—a compilation of important news for legal practitioners.
This development underscores the increasing pressure on in-house legal teams to not only manage but also anticipate an array of compliance issues. In addition to their traditional duties of providing expert legal advice internally, in-house lawyers are finding themselves more frequently involved in navigating the complex layers of red tape and risk management.
The survey’s insights reaffirm the necessity for corporations to possibly rethink their legal resources and strategies, potentially investing in more comprehensive compliance frameworks or additional training for their legal teams, to ensure adeptness at managing these burgeoning responsibilities.