2024 State of the Corporate Law Department

Priorities of legal departments are always driven by the needs and plans of their underlying businesses. In the new 2024 State of the Corporate Law Department report, the Thomson Reuters Institute found that both business and legal priorities continue to change rapidly for those organisations, including some notable gaps between law department and C-Suite perceptions of risks and opportunities.

Informed by interviews with over 4,500 professionals worldwide, including legal leaders, C-Suite executives, and compliance professionals, the report found:

• GCs largely believe than GenAI will be transformative to legal work
• Departments are chasing efficiency gains by moving work both in-house and to different firms
• Outside counsel spend is generally expected to increase
• Data privacy, cybersecurity, and ESG concerns top the list of potential future risks 
• Law department leaders see their priorities substantially differently than executive leadership does, giving GCs an opportunity to redefine the perception of the department

Get your complimentary copy of the 2024 State of the Corporate Law Department report to receive:

• Key insights on how global departments are balancing the major pillars of corporate legal work: effectiveness, cost efficiency, business enablement, and risk management
• Evidence-led advice on how to optimise your department and its outputs
• Peer insights collated from other corporate legal departments and their executive leaders across the world to inspire innovation and transformational change.