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'.
It is imperative that 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.
There will be a global recession, and a string of financial crises in emerging markets and developing countries
The World Bank, Risk of Global Recession in 2023 Rises Amid Simultaneous Rate Hikes
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
- 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.
Download the white paper: Four ways Legal Departments can survive (and thrive) in a recession
In this white paper, we outline how in-house legal departments can partner with their organizations to face an economic recession and thrive!
Download the whitepaper now to get started.