The pandemic has accelerated a number of trends in PE and provided as many opportunities as challenges. According to a recent Apperio report (Report), PE firms’ legal departments appear to be more valued as integral parts of their organizations after navigating the risks and uncertainties of the pandemic. As appreciation for in-house legal teams rises, there is less pressure on reducing legal spending and more emphasis on understanding and controlling legal costs. The Report is based on the responses of 100 senior legal and finance professionals working in PE that were part of a larger survey polling 300 participants in financial services in Fall 2021, which was commissioned by Apperio and conducted by Coleman Parkes. This article reviews the key takeaways from the Report and includes insights from Apperio’s founder and CEO, Nicholas d’Adhemar. For coverage of a previous Apperio report, see “Outdated Technology and Poor Transparency Severely Compromise PE Firms’ Ability to Manage Outside Counsel Expenses” (Feb. 9, 2021).