top of page

The Trends That Shape The Legal Industry In 2023



The legal profession changed at a rapid pace throughout 2022. The industry witnessed trends such as technology intervention, employee retention and much more, all changing its climate. All these issues laid grounds for the trends to be witnessed by the legal sector in 2023.

Below is a look at the five top legal trends heading into 2023-


1. Technology will remain on top of the list. We can observe it becoming a necessity for law firms, to perform tasks such as day-to-day operations, and also for retention and law firm selection. It will also act as a talent attractor, performance driver and overall, a productivity solution. According to a survey,

  • 79% of legal professionals reported that the Increasing Importance of Legal Technology is a top trend.

  • 64% of professionals in corporate legal and 63% in law firms plan to increase their investment in software to support legal work in the next 12 months.

  • 87% of corporate lawyers and 83% of lawyers in firms say it’s extremely or very important for them to work for an organization that fully leverages technology.

2. Adoption of external arrangements will increase. The way work is performed and who does it, is changing. Legal departments have reported they are insourcing more work, and are increasingly leveraging different types of external arrangement to get their work done. One can expect an increase in ALSPs, non-legal staffs and more self-service for clients. Accordingly,

  • 84% of corporate lawyers in 2022 reported making higher use of ALSPs, contractors and non-legal staff.

  • 81% of lawyers in law firms reported making higher use of third-party or outsourced resources; 78% said greater use of non-legal staff; and 77% increased client self-service.

3. Increase in volume and complexity of compliance. Along with new and emerging areas of law, one can also expect increased volume and complexity of information, posing a significant challenge for legal professionals. Accordingly, 79% legal professionals believe, with increased volume and complexity of information is going to remain a top trend, and in all practicality, not even 50% of firms are prepared to manage it. Considering the emerging areas in law, data privacy and ESG will remain at top, making it important for every person in the legal profession to get aware and educated about it.


Hybrid will remain alive. When covid struck and businesses came to halt, hybrid or remote working came into existence. Even after entering the post-covid environment, most professionals from every industry remained reluctant to work from offices. Hence, hybrid working became popular. Even now, for majority of legal professionals, home is where the office is, some of the time. Accordingly, a survey reported that in 2023, 69% of corporate lawyers expect to work remotely from home all or part of the time; 31% plan to work in the office full-time, either as required by their company (22%), or because they choose to (9%).


Credits: https://www.wolterskluwer.com/en/know/future-ready-lawyer-2022

 

#lawfirmstrategy#lawfirmmarketing#lawfirmmanagement#lawfirmgrowth#lawfirmleadership#legaltech#legalindustry#legal#legalmanager#legaldocument#legaldisruption#legalinnovation#legalknowledge#legalmarketing#legaleducation#legaladvice#legalcommunity#legalhelp#legalissues#legalawareness#legaldesign#legalblog#legalmatters#legalcounsel#legaldocuments#legalconsulting#legalai#legalcloud#lawtech#lawyers#lawpractice#lawupdates#laws#lawnews#lawenforcement#law

 

Follow LexTalk World for more news and updated from International Legal Industry.

 

32 views