Legal and Business Alignment a Concern for Tech Companies

LONDON, May 26, 2022–(BUSINESS WIRE)–Juro has surveyed UK in-house lawyers at fast-growth tech companies, finding budgetary constraints hampering legal and business goals, with 73% of new in-house lawyers saying their training lags behind private practice colleagues.

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73% of the businesses in the survey are growing their legal teams, valuing a commercial mindset and adaptability in prospective candidates. However 41% said finding lawyers with the right experience and business acumen is the biggest challenge.

The report noted an appetite for investing in technology. 54% of in-house lawyers have a defined legal budget, but 32% struggle to get buy-in from decision makers and 59% cite limited funds as an obstacle to improve contract processes.

Only one in five lawyers surveyed are happy with their contract processing. 58% of the survey use Word to agree contracts, down ten percent from Juro’s findings a year ago.

65% saw smart contracts as an opportunity for their business. However, the contract software tech implementation is still slow, with 76% taking between one and six months, compared to Juro’s average implementation time of between 21 and 30 days.

Richard Mabey, CEO and co-founder of Juro, said: “In-house lawyers at high-growth tech companies suffer with low-value work crowding out strategic projects, but, lawyers are seeking quick-to-implement solutions like Juro to help them focus on driving business growth.”

47% of survey respondents were open to leaving their jobs in the next six months, and 35% of the in-house lawyers said their business doesn’t understand them. Leading concerns among General Counsel staff include aligning priorities with the business (65%), being buried in low-value work (65%) and a limited budget (49%). 66% of GC respondents do not track metrics, like time and cost

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