The good news for corporate counsel is that their budgets are rising. In fact, the median legal department budget increased by 10.7 percent in 2011, according to Corporate Executive Board. This trend appears to give GCs more options and more flexibility when it comes to outsourcing important tasks to outside counsel.
Yet budgets are not infinite. Today, savvy GCs are collaborating more closely with outside counsel to make sure that projects are as streamlined as possible and that everyone is collaborating to find efficiencies—while still maintaining the highest standards for due diligence.