More than four out of five companies plan to reduce their spending on legal services over the next two years, a new survey from accounting and legal services firm EY found.
Yet as the need to rein in legal costs grows, corporations will need to achieve this “while remaining compliant with a complex and ever-changing regulatory environment"—a significant challenge, the survey concluded.
Law departments and law firms should respond by doubling down on technological innovation, EY’s top law division official said in a statement.
The survey polled 1,058 senior legal practitioners from businesses in 25 different countries.
On average, ...
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