BusyLamp Legal Operations Benchmarking Report surveyed legal departments from 13 countries and more than 25 industries. There were many similarities and differences found but legal departments in Banking and Finance were among those with the highest technology budgets and usage, outside counsel spend, and largest internal teams.
Despite the investment in legal technology and human resources, the survey found that internal inefficiencies and billing issues from firms are rife. In this report, we go deeper into the financial services results so you can benchmark your own legal department and discover solutions to your legal operations challenges.
Key legal operations findings
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- 45% of respondents have at least one dedicated legal operations resource in the team.
- The top three legal technologies in use by banking and finance legal teams are Virtual Data Room, Research Libraries and Contract Management.
- Almost half of respondents report that the following three law firm issues are a problem: non-adherence to caps and fees, unclear invoicing, and poor price : performance ratios.
Legal technology can address legal operations challenges
Legal departments in Banking and Finance are ahead of the curve but still experience concerning issues. With increasing legal spend for almost half of all departments in financial services, growing teams for most, and increasing complexity for all, the use of smart automation and spend management solutions becomes a critical tool to avoid building internal cost centres and instead proactively delivering cost and risk management strategies to senior management.