Key trends expected to have a significant impact on legal organizations in the next two 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.
[The Wolters Kluwer Future Ready Lawyer Survey 2023]
Mazharul Islam,
Corporate Legal Practitioner,
Member of Harvard Business Review Advisory Council.
He can be reached at mazhar@insightez.com
