The 2023 Wolters Kluwer Legal & Regulatory Future Ready Lawyer Survey Report includes insights from 700 legal professionals across the U.S. and nine European countries – namely Germany, the Netherlands, UK, Belgium, France, Italy, Spain, Poland, and Hungary. The survey shows noteworthy differences between the countries surveyed.
The report documents the broad awareness of Generative AI’s promise and an expectation of a speedy adoption of Gen AI solutions over the next twelve months. The responders don’t seem to recognize the “headwinds” which are likely to slow both adoption and impact. Top of mind is the ongoing economic uncertainty combined with firms’ need to address the ethical, IP, security and privacy issues associated with using GenAI in legal practice.
Although the key trends below include many issues which have been around for decades, I can’t help but wonder how many of these challenges will be improved or resolved was GenAI matures and becomes pervasive across the business and practice of law.
Key trends expected to have a significant impact on legal in the next three years:
- Growing complexity of compliance areas
- Increasing importance of legal technology
- Ability to recruit and retain talent
- Increased demand for specialization and a decline in generalist work
- Law departments moving more work in-house (insourcing)
- Greater price competition/new and alternative fee structures/cost-containment pressures
- Growing impact of generative AI/ChatGPT
- Coping with increased volume and complexity of information
- Meeting changing client/company leadership expectations
- Emphasis on improved efficiency/ productivity
- Growth of alternative legal service providers (ALSPs), including expansion of Big Four into legal services
I thought the two most interesting sections of the report dealt with Generative AI and ESG.Continue Reading Wolters Kluwer Releases 2023 Future Ready Lawyer Report