How is your organization addressing the challenge of the increasing cost of tech talent? Are you placing emphasis on hiring legal teams with a heightened level of tech-savviness?

I could answer one part of the question on the cost of tech-talent:

 

From a hiring standpoint: I could share the following, personally: 

Target talent hunting from similar companies and with pay ranges that aligns with the market we are in! This pursuit is hard to achieve given the time to hire demands of the business, but could be enabled only when we have a proactive hiring engine that does passive sourcing of talents relentlessly and combats all hiring challenges dynamically.
In order to attract super top talent, which is possibly to be pursued from top tech. companies and we have to attract them by offering all elements of total rewards tool and incentives. We have to peg them in a significantly high compensation grade and work out the internal parity strategically.

ALSPs like Axiom, Paragon, Priori, Epiq Counsel, and others are seeing increase in demand for fractional GCs, interim senior counsel and AGCs, and part time or temporary full time contract attorney workers with specialties in the tech industry and legal context. The arrangements provide for cost and time efficient engagements on shorter term projects that don’t have the same budgetary pressures as new hires, avoid conversations with slow moving HR departments, and cut outside counsel spend sometimes by half or more. A lot of times these “secondment” attorneys come equipped with training, research resources, IT equipment for remote work, and other subscriptions and tools for effective onboarding and active participation/support.