The firm thinks that demand for corporate legal services expertise is rising, and the global pandemic, digital technology and regulatory changes are creating new challenges for lawyers in companies. That also applies to the wealth management industry.

Global consultancy and accounting firm Deloitte has rolled out a legal business services practice in the US. This is a suite of services tapping into how technology is changing the business world and because of regulatory changes.

"Legal departments are under pressure to transform as CLOs [chief legal officers] contend with new challenges brought on by the dizzying speed of business in a digital age while operating in a constrained budget environment," Dan Lange, partner, Deloitte Legal Business Services, Deloitte Tax, said. “COVID-19 has catalyzed the need for accelerated change in legal departments, requiring them to reimagine their legal operations in real time.”

Services covered by the new practice include legal operating model design; contract lifecycle management; legal entity management; regulatory consulting; knowledge management; eDiscovery; data governance; legal invoice review and spend analytics; legal services and supplier sourcing; dispute analysis; and forensic investigations.