Corporate legal departments (CLDs) have really grown up over the past decade. They started as business units dedicated almost solely to providing legal services. Today, they’re evolving to become value-added components integral to their companies’ bottom lines.
A truly successful CLD is one that shows maturity and strength in financial management, outside counsel and internal resource management, metrics and analytics measurement, and other important subfunctions. Yet some CLDs have matured faster than others across these areas, which is not unusual. Some are stronger in one or two subfunctions than in others. And, CLDs in companies with $10 million or more in annual legal spend tend to be much more mature across the board than their smaller cousins.
These are some of the key findings revealed in our new eBook, ACC Legal Operations Maturity Survey - Results for Companies with More than $10M in Legal Spend. Based on the 2020 ACC Legal Operations Maturity and Benchmarking Report (from Wolters Kluwer Legal & Regulatory and the Association of Corporate Counsel), the eBook summarizes key findings for legal departments with greater than $10M in spend from the wider report, which compiled data collected from more than 300 survey respondents across 24 industries and 29 countries. The eBook showcases average maturity levels for larger organizations across critical subfunctions.
Actionable recommendations for greater maturity
But the eBook also takes things a step further. It not only provides key data points and insights derived from the survey—it offers recommendations on how you can incrementally transform your CLD and improve your maturity in several key categories, including:
- Financial management
- Outside counsel management
- Internal resource management
- Legal service delivery
- Data analysis
- Technology management
- Contract lifecycle management
Each category section focuses on key takeaways from the original benchmarking report—and expands on what those takeaways mean for you. For example, the benchmarking report showed that only 13.8 percent of larger organizations have single repositories for all documentation, including contracts. Storing documents in such a manner can make it challenging for you to access the contracts you need, when you need them, from wherever you’re located. The eBook provides recommendations on how you can take control of your contract management processes through the creation of single repositories, self-service capabilities, and more.
How mature is your CLD?
You’ll find many other useful insights to help you evolve your organization. The eBook provides actionable advice on budgeting, alternative fee arrangements (AFAs), the creation of general counsel dashboards, use of data and predictive analytics, and more, all while asking the important question—how mature is your legal operations department?
Find out the answer to that question and learn how you can improve maturity levels in your CLD by downloading this practical guide today: ACC Legal Operations Maturity Survey - Results for Companies with More than $10M in Legal Spend.