As businesses begin to emerge into a post-COVID world, legal challenges are expected to arrive in waves.
Many legal functions are in a state of continuous transformation. The reason for this is simple: the environment they operate in is constantly evolving. Pressure from the C-suite to manage cost is ongoing, the regulatory and legislative environment is ever-changing, and there is a perpetual need to capitalize on new technologies and new service delivery models.
As noted in research from EY, published in the new report Realizing the benefits of legal managed services (pdf), to manage this environment, C-suites across the corporate world have asked general counsel to put efficiency and resilience at the forefront of their agendas.
Significant global events can often accelerate the desire or need for transformation. The 2008 global financial crisis (GFC) was one of such events for corporations and, more specifically, for legal functions. The economic fallout from the GFC and the new regulations that resulted from it created ripples that were felt long after the crisis abated.
Progressive law departments responded to these challenges by transforming their operations – developing new, efficient ways of working, and rethinking the way they bought legal services from outside vendors.
Now, as the world finds itself in the grips of the global COVID-19 pandemic, the C-suite is presented with legal challenges across its organization. As businesses begin to emerge into a post-COVID-19 pandemic world, those challenges may keep coming in waves.
Human resources departments may be faced with ongoing labor and employment issues. Procurement teams and sales teams may have to rewrite contracts to reflect new risks. Finance and tax teams may have to restructure their organizations to reflect changes in supply chains, buying patterns and revenue streams. Law departments may be involved in helping resolve all of these challenges as well as dealing with day-to-day questions, requests and crises.
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