Global Corporate Counsel survey results
September 1, 2010
In September 2010, Deloitte Financial Advisory Services published the results of its Global Corporate Counsel Survey. We gathered information on the changing roles of Corporate Counsel and external law firms over the past five years from 877 respondents in 10 locations around the world.
Our survey found that Corporate Counsels have a wider set of responsibilities today than they did five years ago and that they are the first source of advice for senior management confronted with serious legal or regulatory issues. Companies are now more likely to rely on their Corporate Counsel for communications with regulators rather than an external law firm.
Maintaining regulatory compliance was cited as the greatest legal risk by roughly two thirds of respondents, both today and five years ago. Regulatory scrutiny and enforcement are expected to rise, creating many new cross-border legal challenges and compliance issues.
However, only half of the respondents felt confident that their company could produce all relevant electronic records in response to a legal or regulatory request. The key challenges cited in producing information were the volume of electronic documents, the timeliness of gathering information, and the cost involved.