There is much to be gained from the careful design of any law department. The current, volatile macro-economic environment creates significant challenges for financial institutions. Many will inevitably look to reduce cost, a step which will affect most functions, including law. Unless properly handled, such a step could endanger the firm’s ability to innovate and manage risk. This is problematic as financial institutions operate in an environment which brings both greater opportunity and more legal and regulatory constraint than ever before. Instead of simply cutting headcount, the general counsel should take a more analytical approach to running their department, with a focus on tangible value and an understanding of the key business drivers of legal demand.
Law departments manage high-value and low-value legal needs. There are always efficiencies to be gained when addressing low-value legal activities. It is key for any successful reordering of the department to ensure there is a common understanding of where the line falls between the two categories within a particular business line. It is also necessary to understand how each business activity is conducted and which (typically low-value) elements of legal analysis can be rendered more efficient.
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