More than one-in-three chief legal officers (CLOs) and general counsel (GCs) say their companies adjusted plans to enter new markets following geopolitical events in the last year, and nearly half said they plan to terminate a law firm for underperformance in the year ahead, the ACC CLO 2017 Survey, released yesterday, reported.
Taking the pulse of nearly 1,100 CLOs and GCs from 42 countries, the report found that the in-house community and the businesses they represent faced questions about market plans, employee safety, and product lines following geopolitical changes and instability throughout the past year. Additionally, CLOs also made significant alternations in their selection and hiring of outside counsel. Forty-six percent say they will “definitely” or “may” replace a law firm in 2017.
Other significant findings include:
- Technology developments have grown significantly in “extreme” importance for CLOs, with a 14-percentage point jump for the 2017 survey compared to the 2014 survey.
- On average, CLOs report that their litigation spend is 24 percent of their budget.
- The educational services sector reported the highest percentage of data breaches, surpassing the healthcare sector from the number one spot, which it held for the past three years.
- The gender gap in CLO compensation remains, with 70 percent of female CLOs reporting compensation under US$300,000 compared to 56 percent of males.
To read more about the survey’s findings and to purchase the full report, visit www.acc.com/closurvey.