ACC’s 101-page annual CLO survey is a monument to the growing clout of top legal executives across the globe. Indeed, if they get any more influential, the CEO will report to the CLO instead of the other way around. ACC is not shy in blowing the horn for its constituents. “Based upon the feedback received from 1,275 CLOs in 48 countries,” it says, “with the publication of this 2018 CLO Survey, ACC marks the start of the Age of the Chief Legal Officer.”

Why the bombast? Look no further than the shifting response of CLOs when asked how they add value to their companies. Five years ago, one in five said “counseling the board” and one in four said “proactively addressing legal/regulatory trends that present risks.” Those numbers have more than doubled, and are expected to continue to grow in the years ahead. “Just as the financial crash elevated the CFO,” ACC concludes, “today’s regulatory environment has ushered in the Age of the CLO.”