(Anonymous Survey Conducted at Our Seminar in Tokyo Entitled “What In-House Counsel Should Know on How to Shortcut an Arbitration Proceeding”)
At a seminar that Morrison & Foerster held in Tokyo on September 10th to help in-house counsel shortcut arbitration proceedings, the firm took an anonymous survey of more than 50 executives from leading Japanese corporations on issues facing their companies’ in-house counsel and legal departments. Here are some of the highlights:
Human-Resources Development is a Significant Issue for Legal Departments
Nearly half of the respondents (42%) reported that their companies’ legal departments are grappling with human-resources-development issues, possibly highlighting the need for corporations’ legal departments to institutionalize regular and adequate training for personnel.
Legal Departments’ Involvement in Corporate Risk Management is Inadequate
Risk is weighing heavily on corporate executives’ minds. All of the survey’s respondents said that their legal department’s involvement in risk management left room for some level of improvement, and a whopping 70% said their legal department’s involvement in risk management leaves “much room for improvement.”
Legal Departments’ Promotion of Compliance Could Improve, Too
More than half of the executives surveyed (57%) said their companies’ legal departments’ promotion of compliance could use significant improvement. While 48% said that a specific person in the legal department had been assigned to monitor compliance issues, 13% said their legal departments hadn’t taken any action to promote compliance at their companies.
Legal Departments Are Challenged by Local Business Practices in Foreign Markets
Corporations’ legal departments aren’t adequately familiar with the local practices and laws in the foreign markets where their corporations do business, according to 47% of the respondents.