Four Ways Legal Departments Can Survive (and Thrive) in a Recession
Forecasts suggest that a recession is on the horizon, causing particular stress to CEO's and the wider C-Suite.
In a KPMG survey of 400 leaders of large U.S companies, 91% of respondents predict a recession in 2023, and only 34% believe it will be 'mild and short'.
Download our white paper and find out how your in-house legal team can prepare for a looming recession.
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It is imperative that in-house Legal Departments adjust their legal operations to match challenging economic conditions.
The benefits: weather this rough period AND build closer ties to the business side that can last far longer than an economic downturn.
Preparing your Legal Department for a looming recession
Take four key steps to help ensure your in-house legal team is prepared for a recession:
Take a business-first approach
Assess your Legal Department service model
Review the Legal budget organized attention they deserve
Demonstrate the immense value delivered by your in-house legal team
With focus on a common theme, these key points take a proactive approach to preparing for a recession. Ensuring that better results are achieved than if the Legal Department were to sit back and wait to make changes.
Imagine this scenario...
As a General Counsel, you need somebody to immediately address a matter, but you have no idea who has capacity. You email/text/call/Teams/Slack each member of your team to get a sense of their current workload and deliverables. There is some back-and-forth as you work through who has the most capacity and how it matches with their experience for the issue at hand.
You have now spent an hour trying to hand the original issue off, you have noticed your team has a wildly disparate means of prioritizing work and you are (ahem) frustrated.
The solution:
A single, central source of truth, such as a matter management software, brings all of the information you need together in one place. It will show who is working on what and for whom in real time, gives your team a sense of calm and control and the ability to prioritize effectively and manage tasks and deadlines accordingly. Each team member can feel a sense of pride at seeing how much they have achieved, and collaboration amongst them will improve when they have visibility over each other's work.
Interested to learn the other challenges and pain points hospital and healthcare Legal Departments face? Download the white paper now to learn more.
Additional resources to help your in-house Legal Department succeed
