Fortune 500 Companies Seek CLOs Skilled in Tech and Strategy
Fortune 500 firms increasingly want CLOs with tech skills for strategic roles.
Why it matters: CLOs must adapt to tech-driven environments, expanding their role in business strategies.
- 68 new CLO roles in 2024, with many retirements prompting demand.
- 70% of CLOs handle responsibilities beyond legal, such as compliance.
- 84% of CLOs report directly to CEOs, stressing strategic integration.
- 47% of CEOs expect CLOs to be skilled in AI and tech.
Fortune 500 companies are increasingly seeking Chief Legal Officers (CLOs) who possess technology-based skills and can transition into strategic business roles, according to a Legal Dive report. In 2024, 68 new general counsel (GC) and CLO positions will be noted, largely driven by retirements and evolving business demands.
A survey by ACC and FTI Consulting indicates that 70% of CLOs now manage diverse functions beyond traditional legal confines, including compliance and ethics. This broader scope of responsibilities is a significant shift for legal professionals.
Furthermore, 84% of CLOs report directly to CEOs, demonstrating their critical role in steering corporate goals as emphasized by findings from the 2026 ACC–FTI CLO Survey. With increasing reliance on technology, 47% of CEOs are pushing CLOs to master AI and related technologies.
An evolving trend is the growing adoption of the 'Chief Legal Officer' title, with a rise to 28% by 2024 from 10% in 2012, according to Legal.io. This reflects the increasing strategic importance and diversified skill sets required for today’s legal leaders.
The transition towards such integrated roles highlights a need for legal professionals to adapt to broader business and technological changes to stay relevant and influential within their organizations.
By the numbers:
- 68 roles — new GC and CLO roles projected for 2024.
- 28% — growth in 'Chief Legal Officer' title use by 2024.
- 10% — 'Chief Legal Officer' title use in 2012 reflecting expansion.
Yes, but: Some companies may still prioritize traditional legal experience over tech proficiency.
What's next: Expect updates on evolving CLO roles as firms adopt AI tools in legal strategies.