{"id":697,"date":"2019-04-03T00:00:00","date_gmt":"2019-04-02T13:00:00","guid":{"rendered":"https:\/\/hub.findingsimple.com\/au\/resources\/resource\/state-of-australian-corporate-law-departments-2019-report\/"},"modified":"2020-06-03T06:47:22","modified_gmt":"2020-06-03T06:47:22","slug":"state-of-australian-corporate-law-departments-2019-report","status":"publish","type":"insight_resource","link":"https:\/\/insight.thomsonreuters.com.au\/legal\/resources\/resource\/state-of-australian-corporate-law-departments-2019-report","title":{"rendered":"State of Australian Corporate Law Departments 2019 [Report]"},"content":{"rendered":"<p class=\"intro-paragraph\">Corporate law departments are facing an array of challenges in 2019.&nbsp;It&#8217;s easy to see why, with in-house legal teams operating in the&nbsp;<a href=\"http:\/\/insight.thomsonreuters.com.au\/resources\/resource\/corporate-governance-lessons-banking-royal-commission\">aftermath of the Banking Royal Commission<\/a>&nbsp;and at a time when corporate governance is key. Not to mention, there&#8217;s economic uncertainty, shrinking legal budgets and the ever-increasing need for big businesses to stay competitive.<\/p>\n<p>In this joint report brought to you by <em>Thomson Reuters<\/em> and legal research firm <em>Acritas<\/em>, you&#8217;ll gain insights on the most pertinent issues Australian General Counsel are facing today.<\/p>\n<h2>What is in store for General Counsel this year?<\/h2>\n<p><strong>Financial constraints:<\/strong> Corporate in-house legal professionals are projected to bear the brunt of heavier department budget cuts in the next 12 months.<\/p>\n<h3>Legal budget cuts to dominate<\/h3>\n<p><a href=\"http:\/\/prodinsighthub.wpengine.com\/legal\/au\/wp-content\/uploads\/sites\/8\/2019\/06\/state-of-australian-corporate-law-departments-report-2019.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8012 \" src=\"https:\/\/hub.findingsimple.com\/au\/wp-content\/uploads\/sites\/2\/2019\/06\/state-of-australian-corporate-law-departments-report-2019-1024x514.png\" alt=\"state-of-australian-corporate-law-departments-report-2019\" width=\"500\" height=\"251\"><\/a><\/p>\n<p><em>Base: Australia 73, Global average 1703, US 408, UK 182, China 56 Source: Acritas Sharplegal 2018<\/em><\/p>\n<p><strong>Commercial focus:<\/strong> As organisations demand a more strategic, proactive approach from their legal departments, General Counsel are expecting more from their law firms.<\/p>\n<p><strong>Innovation drivers:<\/strong> General Counsel are exploring new ways to innovate their work, with 48% introducing legal solutions to drive efficiencies.<\/p>\n<p><strong>Technology barriers:<\/strong> Despite a desire to introduce effective working practices, the adoption rate of legal technologies to support automation and process efficiency among Australian in-house legal teams lags behind major legal markets.<\/p>\n<p><strong>International markets:<\/strong> 38% of foreign multinationals have legal needs in Australia and 71% of Australian organisations have a need for advice outside of the country. Law firms increasingly need to be able to support the needs of their clients with a consistent and coordinated approach.<\/p>\n<p>Australian corporate legal departments have a challenging year ahead of them. But with the right know-how and <a href=\"https:\/\/legal.thomsonreuters.com.au\/products\/legal-solutions\/\">legal solutions<\/a>, General Counsel can maintain their organisations&#8217; resilience in years to come.<\/p>\n<p><strong>From tips on building a robust evidence base, reviewing technology processes and addressing the barrier to developing more commercial relationships,&nbsp;our data-driven report is indeed the best place for corporate law departments&nbsp;to start.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Corporate law departments are facing an array of challenges in 2019.&nbsp;It&#8217;s easy to see why, with in-house legal teams operating in the&nbsp;aftermath of the Banking Royal Commission&nbsp;and at a time&hellip;<\/p>\n","protected":false},"author":2,"featured_media":699,"template":"","categories":[1317,576,602,1324,647,1326,625,629,634],"tags":[251,272,440],"resource_type":[638],"insight_job_role":[598],"insight_practice_area":[579,582],"class_list":["entry","author-legaladmin","post-697","insight_resource","type-insight_resource","status-publish","has-post-thumbnail","category-business-development","category-business-management","category-innovation-and-technology","category-law-firm-marketing","category-legal-research","category-legal-trends","category-research-and-know-how","category-strategy-and-business-development","category-trends-and-the-future-of-law","tag-general-counsel","tag-in-house-legal-departments","tag-profitability","resource_type-whitepaper","insight_job_role-in-house-lawyer","insight_practice_area-commercial-law","insight_practice_area-company-law","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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