Summary
The document is a survey report detailing the findings of Axiom’s 2023 APAC General Counsel Survey, which involved 300 General Counsels (GCs) from Singapore and Hong Kong. The survey highlights the increasing challenges faced by GCs in the APAC region, particularly regarding budget constraints and workload management. It outlines that 90% of respondents have experienced budget cuts due to economic uncertainty, with Singapore-based GCs facing deeper cuts than their Hong Kong counterparts. The report emphasizes the struggle of GCs to manage growing legal demands with shrinking resources, leading to high levels of stress and dissatisfaction within the profession. Key findings indicate that many GCs feel under-resourced, with 73% reporting inadequate staffing to meet their legal obligations. The report also discusses potential solutions to these challenges, including the use of flexible talent providers and law firms, while noting the difficulties in hiring permanent legal staff. Overall, the report aims to provide insights into the current state and future needs of APAC GCs amidst economic pressures.
