Corporate law departments occupy a unique position at the intersection of law and business. Their legal work calls upon them to provide legal advice to executive boards and to protect the legal interests of the company, but their position within the business structure as a whole demands that they consider cost control, efficiency, and profitability in ways that other legal service providers often do not.
Although the business objectives of corporate law departments may vary from those of private law firms, legal departments across companies often find that they share similar objectives and concerns. These include:
- Identifying cost certainties and return on investment.
When it’s time to trim the budget, cost-cutting is the first measure on every legal department’s mind – but it should not be the last. When costs are addressed but the allocation of remaining funds is not, inefficient spending may end up wasting more money than cost-cutting measures can save. By taking a proactive approach that attempts to identify cost certainties and establish return on investment, legal departments can improve efficiency and allocate their spending more wisely.
- Managing big data.
Big data management is fast becoming one of the top technological concerns of the decade, as companies store, organize, and analyze ever-growing quantities of data. Consequently, corporate legal departments are regularly called upon to understand big data management in ways that allow them to adequately protect the company’s interests and stay one step ahead of security and confidentiality concerns.
- Improving decision-making and transparency.
The corporate legal department no longer practices “just” law – if it ever did. In today’s fast-paced business world, the best corporate counsel are those who are aware of the core issues and challenges facing the entire organization, as well as the primary challenges faced by each department. With this information in hand, the legal department is better-equipped to advise decision-makers within the organization and improve the efficiency and efficacy with which the company responds in times of crisis.
At Assigned Counsel, our experienced recruiters can help you find the people you need to meet your legal departments’ business objectives. Contact us today to learn more.