MEMPHIS, TN—A survey of general counsels of companies in the Southeastern United States reveals an upbeat view of their respective firm's prospects for 2015, but increasing concern over economic threats involving health care and cybersecurity issues.

The survey, conducted by ALM Legal Intelligence, in association with the law firm Baker Donelson, found that 58% of general counsel view their companies' economic prospects as generally favorable (“better” or “much better”) in 2015 compared with 2014). However, 23% cited external threats of both health care and cybersecurity as growing concerns for their legal departments with the potential to impact business in the coming year. The majority of survey respondents were employed at companies with revenues in excess of $1 billion.

“Our survey found that Southeastern GCs are adapting to the tighter legal budgets imposed on them in recent years as simply a fact of life now,” says Kevin Iredell, vice president of ALM Legal Intelligence. “Many are also reducing their use of outside counsel, except in cases where internal resources are inadequate, especially when it comes to litigation.” ALM Legal Intelligence is a division of ALM, which includes award-winning media properties as Law.com (www.law.com), The American Lawyer, Corporate Counsel, The National Law Journal and The New York Law Journal. ALM's Real Estate Division includes Real Estate Forum, GlobeSt.com and the RealShare Conference Series.

"This survey provides great insight into the economic and regulatory trends that general counsel are facing along with their priorities for the future," says Baker Donelson chairman and CEO Ben C. Adams. "We value the opportunity it gives us to hear from general counsel in our region as we continually seek to understand what is on the minds of our clients."

Some of the other key findings of the survey include approximately 40% of respondents said that international expansion is a driver of business growth and 11% reported that international compliance is a major legal concern for their companies; many general counsels fear that by restricting the use of outside counsel, they may increase their company's legal exposure if risks are missed or specific skills are not available in-house; and more than 40% of general counsels in the Southeast characterized “positioning the legal department as a strategic business partner” as a top issue for them in the coming year.

The survey respondents also noted that to keep up with the workload, legal departments are turning to a variety of strategies, including the creation of an internal request form, the use of legal software, contracting with non-legal professionals and other techniques.