Law department and law firm leaders have a lot in common. They must face ongoing challenges that a mature and quickly changing industry presents. Their goals mesh: to lead their teams to face these challenges while managing the expectations of their larger organizations, all while keeping costs down and profits up. At a recent meeting, general counsel and managing partners shared insights about building stronger relationships, addressing challenges and planning for the future.
When asked about their greatest expected challenges over the next five years, inside and outside counsel agreed that it was finding and retaining the best talent. GCs felt that staying abreast of the regulatory issues impacting their businesses also tops their list, along with globalization of business (finding the right international expertise, FCPA and data privacy issues).