Reimagining the legal function to unlock broader business value

Accelerate GC

  • Report
  • 2 minute read
  • February 21, 2024

How is your legal function stepping up to today’s business challenges? As CLO or GC, are you taking advantage of your pivotal role to drive additional business value?

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The risks facing multinational businesses have always been complex but their overlapping nature in today’s uncertain world have put Chief Legal Officers (CLOs) and General Counsel (GCs) in the limelight. Drawing on insights from recent CEO and GC surveys by PwC and the Financial Times, Accelerate GC: Reimagining the legal function to unlock broader business value explores some of the big challenges legal leaders face - and practical solutions - as they look to make their functions a proactive enabler of business growth.

Companies need to transform - according to PwC’s 27th Annual Global CEO Survey (published January 2024). More than 45% of CEOs in this year’s survey said they do not spend enough time on business reinvention, and went on to add that their organisations would not be economically viable in 10 years unless they are transformed. As a result, many are radically changing how they create, deliver and capture value to remain relevant in a constantly changing world. 

CLOs and their legal teams are in a pivotal position to help. According to ‘Transform Legal to Transform Business’, a survey of GCs and legal leaders published jointly by PwC’s Legal Business Solutions network and the Financial Times, the in-house legal function has a critical role to play in supporting the business to transform, innovate and grow. The top priority for nearly 50 percent of the GCs and legal leaders surveyed is to contribute to the growth and digital transformation of their company. 

Business model reinvention isn’t just about the bottom line. There are numerous challenges facing multinational businesses today: corporate values, geopolitical risks, trade tensions, regulatory complexity, social and environmental issues, digital transformation, generative AI, and evolving stakeholder expectations. All of these challenges have a legal angle. 

From earning a seat at the top table, to attracting and retaining talent, and from embracing technology to overcoming cultural resistance, Accelerate GC: Reimagining the legal function to unlock broader business value reveals clear and practical steps that CLOs and legal leaders can take to transform their functions, in order to play a more strategic and proactive role in creating and delivering business value across their organisations.

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Accelerate GC: Reimagining the legal function to unlock broader business value

We are at a unique moment. Legal departments may be at different stages of transforming their operations compared to other functions. We see huge opportunities - as well as challenges - for companies operating in today’s dynamic business environment. At PwC, we are committed to helping clients build trust and deliver sustained outcomes through the powerful pairing of innovative technology and human insights. It’s what our clients expect from us and what sets us apart.

Frederic Mirza KhanianGlobal Leader, Legal Business Solutions

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