The increasing significance of technology in the legal sector has gained widespread recognition in recent times. Wolters Kluwer’s fifth annual “Future Ready Lawyer Survey” gives valuable insight into this trend. The survey encompasses views of 700 lawyers from diverse law firms, corporate legal departments, and business services firms across the U.S and Europe, exploring the impact of client expectations, technology, and market trends on the future of the legal profession and the readiness of legal organizations to tackle these challenges. (Read more about the survey here)
While the role of technology in legal began as a subject of debate, it is now seen as an undeniably major driving force. A sharp increase has been observed in the number of lawyers who acknowledged the importance of technology in their work – from 69% just four years ago to 87% in the present. Furthermore, a whopping 91% of lawyers now agree on the importance of access to the latest tools and technology.
Moving on to another critical factor, talent, the survey uncovered that 81% of lawyers felt the ability to recruit and retain talent will significantly impact their firms in the upcoming years. This necessitates changes in recruitment strategies and the types of talent being hired, especially considering the shift to hybrid work models triggered by the pandemic.
Increasingly, lawyers anticipate a growing demand for specialization rather than general work. Surprisingly, while 88% of lawyers were satisfied with their employers’ efforts towards workforce diversity and inclusion, many law firms and corporate legal departments (CLDs) lack formal Diversity, Equity, Inclusion, and Belonging (DEIB) policies. Hence, the industry’s evident challenge is not only attracting and retaining talent but also diversifying it effectively.
On an exciting note, the emergence of Generative AI has stirred up the legal sector. This technology has found its advocates, with 79% of lawyers seeing opportunities in it, and larger firms beginning to experiment with it. Although it has also drawn some skepticism, with 51% of the lawyers perceiving some level of threat, predominantly, the potential downsides appear manageable. In fact, 73% of lawyers are keen on integrating Generative AI into their legal work within a year.
The results from the “Future Ready Lawyer Survey” affirm the accelerating pace of change in the legal profession. As the role of technology continues to expand, matching it with the right talent becomes even more critical. As the old MetLife ad emphasised – the future is now, and it’s high time the legal fraternity prepared for it!
This article was inspired by Wolters Kluwer’s 5th Annual Future Ready Lawyer Survey, the insights and opinions it presented, and its invaluable contributions to understanding the shifting landscape of the legal profession.