NEW YORK–(BUSINESS WIRE)–Feb 3, 2021–
Corporate law departments are evolving and global growth is the biggest driver. Maintaining compliance given the variety of global regulations and jurisdictions is a challenge that requires innovative approaches. That’s according to the IDC InfoBrief, sponsored by Wolters Kluwer CT Corporation, “ Modernization of Corporate Legal: How and Why Is Legal Changing.”
IDC interviewed more than 100 general counsel, associate general counsel, and corporate secretaries from large multinational organizations. These enterprises struggle to manage the volume of legal entities comprising their global organizations. Notably, legal corporate compliance is seen as the top area requiring future resources by 47.5% of respondents. Most companies outsource some legal department responsiblities to managed legal service provides and many are considering outsourcing entity management and legal corporate compliance.
“As companies expand globally, the law department has to manage additional compliance responsibilities while also under pressure to increase efficiency. Our customers find that outsourcing international entity compliance saves money and gives their professionals more bandwidth to focus on high value tasks,” said Domingo Vazquez, Vice President and Head of Corporations for Wolters Kluwer CT Corporation.
On February 10, CT Corporation will host a webinar with guest speaker Senior IDC Analyst, Ryan O’Leary, Esq., as he deep dives into insightful takeaways from the survey, including:
- Key drivers on why corporate legal is changing
- Where the most future resources will be needed and why
- Top three strategic transformation mechanisms
- Recommendations on how to stay at the forefront of legal trends and technologies
For more than 125 years, Wolters Kluwer CT Corporation has been the leading provider of registered agent services, incorporation services, and legal entity compliance. With a global reach into over 190 countries, more than 75 percent of Fortune 500 companies, 95 percent of AmLaw 100 law firms, and 350,000 small businesses trust CT to handle their compliance needs.
About Wolters Kluwer Governance, Risk & Compliance
Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance, legal operations management, banking product compliance, and banking regulatory compliance.
Wolters Kluwer (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210203005681/en/
CONTACT: Media Contact
Director, Global Corporate Communications – Legal Solutions
Governance, Risk & Compliance
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES LEGAL CONSULTING BANKING DATA MANAGEMENT ACCOUNTING PROFESSIONAL SERVICES TECHNOLOGY
SOURCE: Wolters Kluwer
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PUB: 02/03/2021 10:53 AM/DISC: 02/03/2021 10:53 AM