Oct. 26, 2022
By Fiyin Fayeye
As we head into 2023, we took the opportunity to speak with our Legal network to learn more about the insights and trends that are key to them and helping to shape the workplace and beyond.
Digital transformation
An ever-changing political landscape, turbulent markets and continuous economic questioning coupled with a post pandemic legacy resulted in changes to the legal function’s relationship with technology. Digital fluency is paramount and in-house legal teams have become significantly more familiar with virtual tools, alongside hybrid working.
General Counsels have adopted automation in the form of contract management tools and other technology-driven efficiencies to boost productivity, compliance and overall governance. Reporting, compliance, risk management, litigation, dispute management and resolution are areas where technology have come to the fore improving how legal departments spend their time, service delivery and resources.
A seat at the Top Table – becoming Strategic Players
General Counsels are taking more of a strategic role, becoming actively involved in executive decision-making and planning. Engaging and working with the Board and Senior Management team to adopt more of an advisory role. In addition to weighing in on broader corporate governance issues such as ESG concerns, revenue generation, employment matters, business operations, cybersecurity and compliance.
The rise of Legal Operations
Legal operations are gaining more importance and are increasingly integrated into in-house legal functions to reinforce the organisational strategy and the move towards further digital transformation. Driving efficiencies through improved planning, budgeting, and technological adoption to identify areas of improvement. Companies are moving beyond the hiring of a single Legal Operations Officer to the implementation of entire teams. With a multidisciplinary and business-focused approach, they are pivotal to maximising resources and streamlining legal departments for productivity gains.
2023 and beyond
Productivity will be the principle driver underpinning industry trends. Technology will likely be a significant factor as new tools emerge to help legal teams reduce risk, hit targets, and garner greater savings.
Now is a good time to consider how Legal and Compliance teams can help your organisation to drive their ambitions into the new year. Our Legal practice can support you to define your strategic vision and ensure that you have the right individuals in place to navigate the future of law and deliver long-term value to the organisation.