FTI Consulting and Relativity Release General Counsel Survey and Report on Risk, Technology and the Evolution of the Legal Industry
From Data Privacy to Artificial Intelligence, Findings Reveal an Industry in Transition
The study indicated an industry in transition, with key findings including:
- Pervasive enterprise risk is driving general counsel toward expanded roles as business strategists, according to 97 percent of respondents.
- 40 percent of respondents said they currently use or soon plan to use AI to fulfill legal tasks, such as managing and reviewing business contracts.
- 75 percent of respondents use SaaS or cloud-based applications to perform legal tasks.
- 38 percent of general counsel believe legal work will be more technology-driven in the future.
- 69 percent of general counsel modified their companies’ data privacy policies to adhere to the General Data Protection Regulation (“GDPR”).
“The study illustrates how today’s general counsel are on the front lines, helping their companies navigate a myriad of complex challenges and leveraging advanced technology to do it,” said
Risk, privacy, security and technology innovation were widely discussed in survey interviews. Many participants acknowledged the increasing pervasiveness of enterprise risk, citing difficulties with complying with the patchwork of regulations on data privacy and security. Some expanded on the issue, claiming that many lawyers still lack understanding of complex data privacy requirements. In parallel, reputational risk caused by an increasingly vocal public emerged as a new area of concern.
“The legal industry is at a crossroads, and counsel must now contend with growing responsibilities, expectations and external threats,” said
Download The General Counsel Report: Corporate Legal Departments in 2020 here.
Demographics and methodology
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Source: FTI Consulting, Inc.