The Association of Corporate Counsel (ACC) conducted a survey in 2024 called the “2024 Chief Legal Officers Survey.” Nearly 60% of law departments experienced significant rate hikes by their outside law firms, and over 40% were given a mandate to cut legal costs. As a result, operational efficiency was the top strategic initiative for 40% of CLOs surveyed, with the “right sourcing” of legal services following closely behind. Additionally, 45% of CLOs are planning to invest in new legal technology to improve the overall efficiency of their department, which highlights a shift in focus towards finding cost-effective solutions and increasing productivity within legal teams.
In the Thomson Reuters Institute’s “2024 Report on the State of the US Legal Market,” it was revealed that 70% of general counsels (GCs) are planning to bring their legal work in-house in order to reduce outside counsel spending. This move is seen as a response to the rising costs of outside counsel and the need for legal teams to increase efficiencies.
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