A massive transformation is taking place in the way legal departments work. Persisting through the COVID-19 pandemic, the rise in remote work, increasingly complex data privacy regulations, and technological innovations, legal teams have had to navigate unprecedented change.
As the role of corporate counsel evolves to meet higher demand — often with limited budget and resources — knowing when to outsource and choosing the right partners are critical decisions to be made.
The impact of the global economy on outsourcing
With the de-escalating but still ongoing pandemic, conflict in Ukraine, and economic volatility, it’s no wonder that cost management and economic considerations are top factors in outsourcing decision-making in 2023.
Against this backdrop, general counsel must adjust legal strategy in a way that is aligned with the business, but still anticipates and manages risks wisely.
When a department outsources, it can differentiate itself and improve capacity without increasing overhead costs. Delegating time-consuming and repetitive tasks opens more time for teams to focus on company-critical, high-value activities. As a result, productivity is increased, internal processing costs are reduced, and project completion is accelerated
According to a survey respondent to CT Corporation’s 2023 Legal Outsourcing Study: “Global economics will again put pressure on lowering costs [so] tactical/repeatable work that can be either automated or outsourced will be on the table again.”
