ACC 2024 CLO Survey, in Partnership with Exterro, Highlights CLOs Facing Intense Budgetary Pressures, Ranked Operational Efficiency as Top Strategic Initiative
One of the largest CLO-focused surveys offers a unique perspective on future challenges, legal department operations, and priority areas as multiple factors continue to impact the global business environment.
Washington – The Association of Corporate Counsel (ACC) 2024 Chief Legal Officers Survey, in partnership with Exterro, provides a comprehensive look at the evolving role of the CLO and the mounting pressures they face in a complex regulatory and data-driven landscape.
The "New Normal": Expanding Roles Amid Budget Cuts
The 2024 survey reveals a stark paradox: CLOs are becoming more integral to business strategy, yet they are being asked to manage significantly more risk with fewer resources.
- Strategic Growth: 58% of CLOs now oversee at least three additional business functions beyond legal (such as Privacy, Ethics, and Risk).
- Budgetary Pressure: 52% of legal departments received a cost-cutting mandate in the past year, while 42% face intense pressure to "do more with less."
- Operational Focus: Consequently, 40% of CLOs rank operational efficiency as their top strategic initiative for 2024.
Key Takeaways: Data, AI, and Governance
Category Key Findings & StatisticsTop ThreatsData breaches (34%) are the #1 concern, followed by privacy enforcement (32%).Confidence GapOnly 9% of CLOs are "very confident" in their ability to mitigate emerging data risks.Artificial Intelligence67% see AI as positive for the profession, primarily for document analysis (35%).The CLO TitleUse of the "Chief Legal Officer" title has jumped 7% since 2022, now held by 28% of participants.Direct Reporting75% of CLOs report directly to the CEO, though this is higher in the US (82%) than internationally (63%).
Executive Insights
"Squeezing general counsel resources while at the same time expanding their remit is unlikely to be sustainable for the long term. Improving operational efficiency and investing in new technology will help, but it remains unclear if those efforts will be enough."
— Veta T. Richardson, ACC President & CEO
"The competing pressures of ‘do more with less’ and increased scope of responsibilities dictates a new approach to utilizing people, technology and improved processes."
— Bobby Balachandran, Founder and CEO of Exterro
Survey Demographics
The findings are based on data from 669 CLOs spanning 20 industries and 31 countries, providing a truly global perspective on the state of in-house legal leadership.
About the Partners:
- ACC: The premier global legal association representing 45,000+ members in 100+ nations.
- Exterro: A leader in Data Risk Management software, empowering organizations to manage the interconnections of privacy, legal ops, and digital investigations.
