Rising business costs and offering competitive salaries are some of the reasons that 82% of in-house legal leaders will be forced to cut legal spend over the next two years, according to EY’s “Reimagining the Legal Function Report 2019.”
That could be the result of greater oversight from executives outside of legal, according to the report. Thirty-seven percent of respondents indicated that over the next two years, they plan on cutting legal spend by 11% to 20%. Eighteen percent of respondents indicated they do not plan on cutting legal spending. The rising salaries of lawyers, according to the survey, are one reason legal departments have to find areas to cut costs.
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