A new survey details just how the pandemic transformed law departments in 2020, as it shifted much of their work composition from “business as usual” to “crisis management.”
The 2021 State of Corporate Law Departments report from Thomson Reuters notes that the in-house workload surged in 2020, and that “safeguarding the company” became paramount, with more than 40% of law departments implementing new dispute prevention measures.
The implications for outside counsel, though, are complicated, as law firms largely saw a bump in revenue despite a drop in demand:
Corporate law departments’ demand for external counsel at law firms fell by 2.5% in 2020, as many cases and deals stalled. However, rate increases put in place by law firms at the start of the year along with a shift to using more senior partner-level contacts for crisis support meant that revenue for most law firms still grew overall in 2020.
Download the full report below.
2021 State of Corporate Law Departments [Thomson Reuters]