Report: Thomson Reuters 2022 State of Corporate Legal Departments
The pandemic has no doubt become a catalyst of change and transformation across all industries. Evidently, corporations are now having a better grasp of the new normal as they continuously evolve and find new ways to do business. Legal departments seek new ways to improve and continue to drive efficiencies and a recent study from Thomson Reuters provides data to help corporate law departments and legal professionals.
Below are key highlights from their report:
- 43% of leaders expect their legal spending will increase in the next 12 months
- 82% of legal departments consider themselves proactive, optimized, or predictive in how they manage their spending on external counsel
- Most legal departments still bill on an hourly-rate basis, with 75% of it being matters and up to 80% of the total billings.
- When it comes to challenges they face, 25% provided that cost pressures and organizational demands while 16% said digitalization and 12% are focused on operational and process efficiency
- Priorities of law departments are the same as last year with 50% answering efficiency as the top concern
News: Google to Pay $90 Million to Settle Legal Fight with App Developers
An antitrust litigation case against Google has moved forward after a $90 million fund has been initially approved. Law firm Hagens Berman represented the Android app developers in the class-action lawsuit accusing the tech giant of anticompetitive policies governing the Google Play Store.
According to the Hagens Berman team, Google excluded competing for app stores, this obligated the developers to pay the tech giant extremely high fees in violation of federal antitrust laws.
Additionally, the agreement will bring a change to Google Play Store. App developers will now have to pay a 15% service fee on their first $1 million in annual revenues until at least May 25, 2025, which is a huge decrease from its current rate which is 30%.