It is no secret that no matter what sector you work in, companies across the world are feeling the squeeze, and are under increasing pressure to deliver more for less.
This week, international law firm Ashurst produced a new report, Riding the Winds of Change, that brings this into stark relief, revealing that 83% of general counsels say they face pressure to increase efficiency while reducing the cost, with more than half stating that overall budgets for their legal teams have been cut over the past two years.
“Three trends are behind the growing pressure – increased regulatory burden, greater demand for strategic input and greater focus on operational efficiency.”
Mike Polson, Ashurst Advance Director
The report was based on the views of general counsel and the C-suite of companies with a combined turnover of US$1 trillion. It outlines new insights on the trends and pressures driving the evolution of the in-house function, and how organisations are meeting these challenges.
What is clear from the report is the unanimity in which GCs agree on the current challenges, trends and solutions. Here are just some of the key takeaways:
- 67% of firms are focusing on innovative technologies as the cornerstone of their strategies to support smarter working and improved efficiency
- 88% of GCs say they are having to take more strategic role in shaping business strategy
- 63% of firms are in the process of unbundling matters, but many are at this stage cautious due to the use of several providers
- 67% feel a one-stop-shop approach to handling legal matters is the most effective way of managing complex legal matters
- 62% of GCs are taking steps to improve the project management skills of their teams to improve the ability to manage complex matters internally
- 74% of GCs have achieved greater efficiency through improvements to technology, the process of managing matters, and to internal and external resources
You can read the full article below:
Legal functions being squeezed as pressure to deliver more for less intensifies | Ashurst | Legal Support Network
In the face of sustained cost pressure and rising workload, a new research report by international law firm Ashurst has revealed that 83% of general counsel face pressure to improve efficiency of their function and reduce costs, with over half (56%) confirming overall budgets for the legal team have been cut in the last 24 months.
We at Encompass are not surprised at the findings of the report. It has been clear for some time that legal firms would need to look to embrace technology within their workflow in order to improve efficiency, meet the increasing demands of clients and satisfy ever-changing regulation, all the while keeping costs down. It is this very problem for which Encompass was created, and has helped firms in the UK and Australia to effectively manage their time and resources.
Want to learn more about the influence of technology on the legal sector? Encompass Product Expert, Mike Kearney, has written a three part whitepaper series covering the topic. Download the whitepapers here.
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
want to turn regulation compliance
in to a competitive advantage?
Contact us today to arrange your personalised consultation of encompass. Discover how our KYC automation software can help your business accelerate onboarding and give you peace of mind that you are regulator ready.