As year-end tasks dominate legal departments worldwide, the importance of both reflecting on and preparing for future challenges cannot be overstated. Several trends will notably keep in-house lawyers busy this coming year.
The politically charged climate of election years has a profound impact, penetrating the various layers of society, including businesses. Debate on social issues and how to manage corporate diversity and environmental policies will be critical. Political landscapes require a firm internal leadership approach, ensuring the right tone is set for both the company’s internal environment and its external face.
Regulatory concerns have steadily increased, with general counsel viewing regulatory compliance as a pivotal concern for the future, as noted in a recent survey. Regulatory bodies such as the FTC have assumed a more prominent role in scrutinizing marketing practices, consumer privacy protections, and mergers. Consequently, the need for fostering a cooperative relationship with regulators is key, particularly before any issues arise. A proactive move could make future interactions smoother.
Returning to the spotlight is the labor force, invigorated by ongoing concerns about job security and wealth disparities caused by the Covid-19 pandemic. Regardless of whether the risks come from organized labor or internet-empowered individual employees, creating an environment in which workers feel respected and valued will be crucial.
Artificial Intelligence (AI) continues to be a topic of intense focus in the legal industry. Despite the allure of streamlining work with AI, it’s important to remember these technologies are tools and can be fallible. Carefully considering how laws may be applied in the evolving landscape of AI is vital, given the ongoing legal uncertainties.
Rob Chesnut, a legal and ethical consultant, offers more valuable advice in Good Counsel.