Report: Legal Operations in Banking and Finance

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.

The report includes results and written analysis in a number of areas, including legal department priorities, legal operations maturity and staffing, use of legal technology, external legal spend trends and managing outside counsel.

Key legal operations findings

Download the Report

  • 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.

Share

Share on facebook
Share on twitter
Share on linkedin

Related Content

Choosing the Right Legal Spend Management Solution

featured News & Resources

Choosing the Right Legal Spend Management Solution
BusyLamp Announces New Matter Management Software for In-House Legal Teams