3 Helpful Assets to an In-House Legal Team

Let’s break down the 3 most helpful assets for In-House legal teams, as reported by our In-House team and the findings of Thompson Reuters…

According to our research findings, the countdown of the 3 most helpful asset for successfully running an In-House Legal department is…

3. Clarity on outgoing costs 

Because In-House departments are so independent, leaders can conduct a laser-like focus on what aspects of the business have the best impact on profit gain. This way, In-House lawyers can devise new and simplified processes that allow for personnel to drive generation easier, whilst also negotiating a practical routine of contracts that involve minimal attorney input.

It is important to stress that, for an In-House team to work, it must never be afraid to go under the microscope and identify any low-value business techniques. In effect, strategic thinking is prioritised among the department’s already-experienced team members, and actionable advice can be provided from all angles of the company - enabling the business to take calculated risks.

And next, according to Thompson Reuters, the second most helpful asset to successfully running an In-House Legal business is…

2. Prioritising outside counsel services

In-House team practice typically involves more discipline and thought-provoking stewardship than other legal sectors, simply due to increased pressure on maintaining a close, secure network with candidates and clients. After all, any In-House team should be regarded as a cost centre, not a profit centre. Hereby, successful In-House teams will build training programmes to promote stronger skillsets among company personnel as the first port of call for any kind of legal issue. This means that receiving independent feedback from client bases and other external parties, plays a huge part in keeping In-House businesses afloat within such a competitive market.

Third was cost clarity, second was outside counsel services, and according to Thompson Reuters, the first most helpful asset to successfully running an In-House Legal team is…

1. Flexibility in staff numbers 

Frequent and unrestrained team member re-organisation means that In-House legal teams can internally decide on not only the amount of people involved in the workings of their business at given times, but also the degree to which the company is diverse in ethnicity, race, and culture. This allows for proactive conception and implementation of initiative that improves service delivery and outcomes.

More so, based on research, diversity within the workplace oftentimes equates to a higher-functioning In-House team. In effect, In-House legal teams are able to collectively develop a stronger understanding of the industry, which will lead to an increase in added value in a shorter space of time. This is, whilst the team overcomes challenges that may occur with much more ease than other, more publicly regulated legal companies.

For more of our statistics and inside knowledge on nationwide In-House legal teams and for comprehensive guidance from our experts in the sector, stay updated on our regular content...

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