Companies Struggle to Comply with Regulations

Complying with regulations can be an enormous drain on company resources. Just how much this is true was recently highlighted in research from staffing firm Robert Half Legal.

Robert Half Legal surveyed lawyers across the country on how they’re coping with the growing number of corporate regulations and transactions.

More than four in 10 lawyers (41 percent) interviewed cited managing compliance or regulatory matters as the greatest priority for their corporate legal teams in the next 12 months.

Mergers and acquisitions ranked second, with 14 percent of the response.

“Staying current with changing government regulations and business mandates will be a chief concern for corporate counsel in the months ahead,” said Jamy Sullivan, executive director of Robert Half Legal. “Workloads are expected to increase as legal departments concentrate on ensuring business compliance while assessing market expansion opportunities.”

To enhance service levels and gain access to specialized legal expertise, legal departments will assign more resources to full-time teams and hire legal professionals on a project or consulting basis, Sullivan observed.

“Companies with a heightened need for experienced legal talent include healthcare, financial services, real estate and technology firms,” she added.

Think about that finding: company lawyers spend more time dealing with government regulations than they do managing mergers and acquisitions. Stunning.

 

Copyright Today’s Credit Unions