General Counsel Report from FTI Consulting and Relativity Finds In-House Legal Teams Carry Increased Technology Responsibility
97% of General Counsel Surveyed Report Involvement in their Organization’s Tech Ecosystem
“Technology modernization and law department transformation have continued to evolve as critical priorities for in-house counsel,” said
Key findings covered in Part 3 include:
- 97% of general counsel play some part in their organization’s technology ecosystem, and 87% of those said they are heavily involved in technology planning and purchasing, beyond providing budget approval alone.
- Involvement in technology decision making increased by 13% from the previous two years, due to either the general counsel’s enhanced role or the appointment of more staff. One respondent said within their department and organization, “the subject of technology has become more prominent.”
- The pandemic has acted as an accelerator for technology initiatives among 43% of organizations, and one-third of general counsel said they already have roadmaps in place to support their legal departments through the implementation of advanced technologies and refreshes of core systems.
- Only 33% of general counsel agree that attorneys have adequate technology knowledge and capabilities. This is 20% lower than in the previous year’s study, and many respondents said they believe — given increasing levels of data risk and the demand for legal department efficiency — that the need for technical competence is greater than ever, with some respondents seeing it as a critical area.
- 73% said they are not currently using AI, but many acknowledged the potential value AI could bring to their department in gathering intelligence in early case assessment, contract analysis, understanding large pools of data and matters relating to M&A.
Part 3 of The General Counsel Report 2022: Leading with Endurance Through Risk, Culture and Technology Challenges is available for download here. Part 1 and Part 2 of the report were previously released and are available here.
Demographics and Methodology
During July and
Relativity makes software to help users organize data, discover the truth and act on it. Its SaaS product RelativityOne manages large volumes of data and quickly identifies key issues during litigation and internal investigations. The AI-powered communication surveillance product, Relativity Trace proactively detects regulatory misconduct like insider trading, collusion and other non-compliant behavior. Relativity has more than 300,000 users in approximately 40 countries serving thousands of organizations globally primarily in legal, financial services and government sectors, including the
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Source: FTI Consulting, Inc.