In-house teams “falling behind” on innovation, report finds
A survey by EY has found that more than eight out of 10 companies planned to reduce spending on their legal functions over the next two years. Almost two-thirds of respondents felt that legal departments had not benefitted from innovation as much as HR, IT and finance with many businesses deciding to outsource rather than enhance their firms’ legal function.
“It is critical that the legal team remains aligned with the future strategy of the business and is seen as part of the whole, rather than operating in isolation.” It stressed they had to embrace technology: “Failure to take advantage of innovative technology could make the legal function a weak link in the operational chain.”
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