legal tech

Why Major Companies Are Outsourcing Legal Solutions

More legal departments are looking to outside talents to bolster their ranks and grow their business. Wolters Kluwer’s new survey of 100 legal executives shows that 93% of legal or compliance departments have outsourced work in the last three years.

And these are more than just smaller companies: The respondents came from entities making more than $500 million in revenue, with the increase most prevalent among institutions with $1 billion-$4 billion in annual revenue.

Why are even institution-sized firms pulling in external experts? And what duties are those hires performing?

Why Now? 

As the survey responses show, outsourcing legal solutions solves multiple problems for legal departments.

One: It eases workflow, allowing companies to redistribute workload to dedicated experts, thereby freeing their in-house counsel to manage and tackle larger, more complex aspects of their project.

Two: On-demand in-house counsel keep the budget down without sacrificing quality. As Wolters Kluwer found, GCs anticipate a 25% increase in workflow, but 88% anticipate needing to trim their budgets. On-demand solutions let them do both.

Third, hiring on-demand counsel for bespoke solutions allows companies to grow their business without burning out their staff. Plus, it lets legal departments test new methods that keep

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Innovation, Change and the Next 70 Years

Queen Elizabeth II has now sat on the throne for 70 years—a milestone celebrated across the United Kingdom and the Commonwealth this past weekend. Much has changed in those seven decades. And as the world now contends with war, inflation, a looming recession and lingering challenges from the global COVID-19 pandemic, it is perhaps worth asking, where will we be—and where will your law firm be—70 years from now?

Law firms are notoriously slow to change, but these days you’d be hard-pressed to find a firm that does not profess to embrace innovation. Some are more successful than others, but most understand that to guarantee longevity and be successful in a highly competitive industry like the law, innovation is key. 

Of course, innovation does not follow a straight line and mistakes are more common than most like to admit. That’s what Jessica Seah discovered when reporting her fascinating story about the recent $40 billion crash of Terra Luna, the stablecoin that lost its peg to the dollar last month, causing investors to lose millions of dollars. 

The crypto industry is angry and lawsuits are coming, Jess writes, although it’s unclear whether investors will have much recourse in what remains

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