The Corporate Law Department in 2024: Opportunities and Challenges Ahead

The start of 2024 finds leaders of corporate law departments in an exciting but challenging position.  On the one hand, some macroeconomic factors driving rapid change have settled into a status quo, while other factors, such as a changing regulatory environment, the looming uncertainty of generative AI, and continued increases in costs for outside counsel, continue to shift the ground under corporate general counsel.  At the same time, many GCs are looking for ways to redefine their roles within their enterprises, moving away from the perception of the law department as a cost center and toward a sense that the business’s lawyers are a vital part of the strategic direction of the enterprise.

This session will explore how GCs are striking a balance between how their departments operate efficiently, provide effective advice, enable business growth, and protect the business from risk.  The discussion will include an exploration of key questions all legal function leaders should be asking themselves and their leadership teams, as well as metrics that GCs should consider tracking to gauge the performance of their team.  The session will also feature an opportunity to discuss with peers what obstacles the department may face as it seeks to move to a value center for the business, strategies for overcoming those challenges, and ideas for using data-driven insights to tell the story of the law department’s contribution to the business.