As legal and corporate compliance departments expect to outsource more work in the next three years, chief legal officers are sending a greater proportion of that work to legal technology firms and corporate compliance providers than law firms.
That’s according to a new Wolters Kluwer CT Corporation and ELM Solutions report based on a survey of more than 100 executives that control over $500 million in corporate legal outsourcing decisions. The report also referenced data from the 2021 EY Law Survey, which indicated that general counsels plan to outsource 25% more work between 2021 and 2024, with 88% saying their budgets would likely shrink over the same period.
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