The age-old saying from William Gibson, “The future is already here – it’s just not very evenly distributed,” seems to be the perfect encapsulation of the findings from Wolters Kluwer’s 2023 Future Ready Lawyer Survey Report.
The report reveals that while the future of legal practice may already have arrived, various legal firms and departments are not equally prepared. Some are more ‘future-ready,’ having invested significantly in technology and human resources to meet the ever-evolving challenges of the legal industry.
The fifth instalment of this annual report also paints a vivid image of how difficult it’s becoming for legal professionals to keep up with the pace of change. Fascinatingly, the proportion of legal professionals considered as “leaders” (those fully utilizing technology to its maximum potential) dropped from 54% the previous year to 46% in the latest report.
On the surface, this might make us question whether legal firms and departments are regressing in their technology utilization efforts. But a closer look indicates that this may not be the case. Continuous advancements, such as the arrival of generative AI, keep raising the bar, making it challenging to maintain a “leader” status. It’s no wonder the report ponders upon the question, “Has the legal industry ever faced a period of greater transformation than it does today?”
The legal industry isn’t just tech-driven transformation. Firms and departments are still trying to adjust to the new normal created by the pandemic, navigating the intricacies of hybrid and remote working.
Key findings from the report include:
- Most lawyers believe generative AI will change how they work.
- 73% plan to incorporate generative AI into their work within a year.
- 68% believe they are ready for the impact of generative AI.
- An impressive 87% feel technology has enhanced their day-to-day work.
- And most importantly, 91% assert the importance of adaptable technology that offers access to state-of-the-art productivity tools.
Despite acknowledging the importance of technology, the legal professionals are still unsettled. Not all see it as a necessary evil: only 43% view generative AI as an opportunity, while 25% consider it a threat. Furthermore, less than half believe they fully leverage technological capabilities. The gap between the perceived importance of technology and its full leverage stems from hurdles like organizational structure, cost, and lack of knowledge.
Apart from these technological aspects, the report also highlights several challenges in areas like recruitment, retention, environmental, social and governance (ESG) guidance and diversity, equity, inclusion, and belonging (DEIB).
In conclusion, the Future Ready Lawyer Survey Report represents a glimpse into the complex and rapidly evolving world of the legal profession. However, it also demonstrates the profession’s resilience and adaptability in navigating these changes and seizing new opportunities. The full report is available for download on Wolters Kluwer’s website.