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CLOs Expect a Decrease in Hiring and Increased Investment in Legal Operations

published January 27, 2023

By Author - LawCrossing
Published By
( 7 votes, average: 3.8 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
CLOs Expect a Decrease in Hiring and Increased Investment in Legal Operations

Chief Legal Officer Survey Reveals Decrease in Hiring and Increased Investment in Legal Operations

Dive Brief

The annual chief legal officer (CLO) survey by the Association of Corporate Counsel (ACC) and Exterro shows that hiring is expected to decrease while investment in legal operations will remain a strategic priority. According to the survey, which is based on input from 892 legal chiefs, mostly in the United States, only 38% of CLOs plan to hire lawyers this year, a decrease from 45% last year. Additionally, fewer CLOs expect to hire paralegals and privacy specialists, even though privacy concerns are increasing. The report states, "What is significant this year is that fewer CLOs expect staffing increases across all positions."
 
Focus on Cost-Minimization and Increased Concerns Over Privacy Regulations"

Dive Insight

The report suggests that despite a decrease in hiring, CLOs are planning to rely more on their existing staff and technology to handle workloads, rather than outsourcing to outside firms or alternative legal services providers. This is likely due to the pressure of the current economic environment and a focus on cost-minimization strategies. Contract management is still the top technology priority for CLOs, with two-thirds saying it is their priority, while fewer prioritize generic document management and workflow tools. However, fewer CLOs are planning to make significant investments in technology this year, as many have already upgraded their legal department's technology capabilities.
 
Heightened Concerns
 
CLOs are primarily concerned with the increased regulations specific to their industry, but they are also keeping an eye on broader risks, particularly related to data privacy and security. Nearly 70% of CLOs expect an increase in privacy-related regulatory enforcement, and over half have implemented technology solutions to help them comply. Additionally, 85% of CLOs plan to increase their spending on technology related to data privacy and security compliance. The survey also revealed that the percentage of CLOs who have data privacy and security in their portfolio has increased by 4%, with over half of CLOs now overseeing it. Another area of risk that CLOs expect to face is in mergers and acquisitions, with almost 40% saying they anticipate legal challenges in deals. According to the report, "mergers and acquisitions, and spinoffs, remain the area that most CLOs believe will require the most additional resources."

published January 27, 2023

By Author - LawCrossing
( 7 votes, average: 3.8 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.