Wolters Kluwer 2023 Future Ready Lawyer Survey: industry embraces generative AI, but is not yet very prepared for ESG demands
Wolters Kluwer 2023 Future Ready Lawyer Survey: industry embraces generative AI, but is not yet very prepared for ESG demands
- 73% of lawyers expect to be integrating generative AI into their legal work
- 69% of law firms and 61% of legal departments are not yet very prepared to meet growing ESG demands
- 87% of legal professionals say that technology has improved their day-to-day work
- 43% of legal organizations still have no formal DEIB policies in place
Alphen aan den Rijn – November 8, 2023 – Wolters Kluwer, a global leader in professional information, software solutions, and services, has released the results of its global Future Ready Lawyer Survey 2023. Key findings portray a legal industry that is boldly embracing seismic innovations, such as generative Artificial Intelligence (AI), while continuing efforts to deploy specialized legal technology solutions that can improve their day-to-day work. This is all while law firms and corporate legal departments contend with the changes required to service crucial Environmental, Social and Governance (ESG) needs and attract and retain the talents of a future-ready workforce.
“Even in a world increasingly impacted by ChatGPT and other forms of AI, the legal profession continues to derive its strength from human relationships,” said Martin O’Malley, CEO, Wolters Kluwer Legal & Regulatory. “Still, the 2023 Future Ready Lawyer Survey suggests that lawyers are acknowledging the pivotal role of technology in creating more value for their organizations and for society as a whole. This is an essential development for the legal industry. With legal professionals facing the challenge of an ever-growing volume and complexity of legal and regulatory requirements, technology is playing an increasingly important role in their daily work. Whether it’s improving collaboration, cementing relationships, or improving workflows, technology is at the heart of driving the entire industry into the future.”
Approaching generative AI with confidence
Attorneys have only just begun embracing generative AI (GenAI). A sizable 73% of the lawyers polled in this year’s Future Ready Lawyer Survey expect to integrate GenAI in their legal work within the next year. Many respondents appear poised to greet this latest technological development with confidence – 68% indicated that they feel prepared for GenAI’s impact while 73% said that they understand how it can be applied to their work. Despite this, there seems to be no consensus among lawyers about whether they see GenAI as an opportunity or a threat. Almost half of the surveyed lawyers (43%) see GenAI as an opportunity, one in four (25%) see it as a threat and 26% see it as both an opportunity and a threat.
ESG preparedness not yet at required level
While the majority of law firms (68%) have established dedicated ESG practices within the last three years, both law firms and corporate legal departments still have plenty of work ahead of them to meet the heightened demand for ESG-related legal expertise and guidance that has continued to rise steadily over the last two years. According to the survey, 69% of law firms and 61% of corporate legal departments say they are not yet very prepared to fully deliver against expectations in the area of ESG. Nevertheless, ESG remains an important strategic growth area, with half of the attorneys surveyed (50%) expecting demand [from clients for ESG legal services] to increase, and 45% expecting demand to stay the same (up from 36% in 2022).
Lawyers pressured to expand technology use
Technology has become firmly established as part of the legal profession, with almost all attorneys (87%) saying that technology has improved their day-to-day work. Still, less than half of them (46%), believe they are fully leveraging technology, 50% are transitioning and 4% feel they are not leveraging tech as much as they should. Meanwhile, lawyers continue to face pressure to expand their investment in and use of technology in the face of client demands. Almost half of law firms (46%) rank the need to use technology to improve productivity and efficiency as a top need to meet client demands, as well as improve collaboration and work processes. Lawyers from both law firms (85%) and corporate legal departments (84%) also expect to make greater use of technology that improves productivity.
Finding and serving a future-ready workforce
The difficulty of attracting the right people for the right role seems likely to become a major obstacle to tackling heavy workloads and productivity demands. A vast majority (81%) of lawyers from both law firms and corporate legal departments see their ability to recruit and retain talent as a key area of focus moving forward. Still, most (80%) say they’re ready to navigate recruitment demands. Among the most pressing demands from talent – 89% of lawyers say it’s important to have technology that supports their ability to work remotely. Technology aside, the nature of the work itself appears to be changing as well, with most lawyers (78%) from both law firms and legal departments expecting an increased demand for specialization and a decline in generalist work. The stakes are high: Law firm respondents cited specialization as one of the factors clients will use to evaluate their outside counsel in the next three years. Fortunately, a majority of firms and corporations (75%) say they are prepared to offer greater specialization to clients.
Formal DEIB plans still a work-in-progress
Diversity, Equity, Inclusion and Beloning (DEIB) rates low on the list of workplace satisfaction indicators. Nevertheless, the survey finds that most legal professionals (88%) are satisfied with their employer’s efforts to create a diverse workforce and culture. Additionally, a high percentage of lawyers (82%) work for organizations that claim to have successfully created a diverse and inclusive environment. However, those sentiments don’t necessarily reflect a more formalized approach to promoting DEIB. Only 55% of law firms and corporate legal departments surveyed currently have formal Diversity, Equity Inclusion and Belonging (DEIB) policies in place. Timing varies among firms and legal departments who are still firmly in the planning stage of their DEIB policy implementations, with 22% saying they plan to implement a formal policy in the next 12 months, and 15% targeting “the next few years.”
Generative AI and ChatGPT may be global phenomenons, but the survey indicates that views continue to vary from country to country. More lawyers in the Netherlands (65%) appear to be convinced about the benefits of GenAI than legal professionals in the U.S. (46%), Belgium (38%) and France (20%). Additionally, professionals from the Netherlands are most likely to see GenAI as an opportunity (65%) while also seeming to have the greatest understanding of how this technology applies to their work (89%) – a sentiment that is also shared by 80% of U.S. legal professionals. Both countries also indicate a rise in demand for ESG guidance in the past year, and the majority have DEIB policies in place. Meanwhile, Belgium, France and Hungary each score below 40% when it comes to having DEIB policies in place.
About the survey
Wolters Kluwer’s 2023 Future Ready Lawyer Survey includes insights from 700 lawyers in law firms, corporate legal departments and business services firms across in the U.S., the Netherlands, Germany, France, Spain, Hungary, Italy, Poland and Belgium. Now in its fifth year, the survey continues to examine how client expectations, technology, and market trends are affecting the future of the legal profession and how legal organizations are prepared to address these challenges.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Senior Director, External Communications,
Global Branding & Communications
Office: +44 20 3197 6586
Senior Specialist, External Communications
Legal & Regulatory
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Challenging conditions to persist, but expectation of clearer rate outlook and tightening bid-ask spreads on the horizon29.11.2023 01:00:00 CET | Press release
Industrial & logistics, multifamily, and office remain top picks for 2024 with investors deploying new strategies in each sector LONDON and TORONTO, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The 2024 Global Investor Outlook released by Colliers (NASDAQ and TSX: CIGI) today reveals that challenging market conditions will persist into 2024, though expectations of a clearer rate outlook and tightening bid-ask spreads are on the horizon. Lower investment activity has constrained pricing discovery due to limited data points. As investors continue to seek stability in policy environments, industrial & logistics (I&L), multifamily and office sectors largely remain their top picks in the upcoming year. Pockets of opportunity are continuing to emerge as distress forces companies to unlock capital via sale and leasebacks, and property funds face redemption pressures. Furthermore, a record proportion (25%) of investors surveyed have ESG-based disposal and acquisition strategies in place – up from 10% jus
Nyxoah Strengthens its Executive Leadership Team28.11.2023 22:30:00 CET | Press release
Nyxoah Strengthens its Executive Leadership Team Francis Kim appointed as Chief Regulatory and Quality Officer Mont-Saint-Guibert, Belgium – November 28, 2023, 10:30pm CET / 4:30pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today announced the appointment of Francis Kim as Chief Regulatory and Quality Officer. Francis will be leading Nyxoah’s Global Regulatory and Quality departments. Francis is a highly experienced global regulatory and quality executive in the healthcare industry, having spent more than 25 years in the medical device and life sciences sector. Francis has led Regulatory and Quality departments at Medtronic, Philips, and other companies, including introducing several innovative products and therapies to the market. “Nyxoah is entering the most exciting time in the Company’s history, with data fro
Alvotech Reports Financial Results for First Nine Months of 2023 and Provides Business Update28.11.2023 22:15:00 CET | Press release
Product revenue for the nine months of 2023 increased to $29.8 million, compared to $11.1 million for the same period in 2022Marketing authorization was received for AVT04 in Canada and Japan, the first for a biosimilar to Stelara® (ustekinumab)The European Medicines Agency proposed market authorization for AVT04 in the 30 member states of the European Economic Area, pending a final decision by the European CommissionApprovability of AVT02 and AVT04 in the U.S. now pending satisfactory US Food and Drug Administration (FDA) inspection of Alvotech’s facility in Iceland, currently expected on January 10 – 19, 2024Management will conduct a business update conference call and live webcast on Thursday November 29, 2023, at 8:00 am ET (13:00 pm GMT) Alvotech (NASDAQ: ALVO, or the “Company”), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today reported unaudited financial results for the first nine months of 2023 and pr
RÄTTELSE: Saknad MAR-etikett i tidigare pressmeddelande – ”Anoto ingår ett avtal för 1,1 miljoner USD avseende försäljning av pennor och treåriga mjukvarulicenser med Deutsche Telekom”28.11.2023 19:15:00 CET | Pressemelding
Anoto Group AB (publ) utfärdar en rättelse av pressmeddelandet som publicerades tidigare idag. Rättelsen avser att pressmeddelandet saknade MAR-etikett med hänvisning till EU:s marknadsmissbruksförordning (MAR). Följande information skulle ha varit med i pressmeddelandet: ”Denna information är sådan information som Anoto Group AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades genom ovanstående kontaktpersons försorg för offentliggörande den 28 november 2023, kl. 08:00 CEST.” Nedan publiceras det korrekta pressmeddelandet i sin helhet. Stockholm den 28 november 2023 – Anoto Group AB (publ) ("Anoto" eller "Bolaget") meddelar idag att bolaget har tecknat ett upphandlingsavtal som avser försäljning av nya pennor, samt ett treårigt mjukvarulicensavtal med Deutsche Telekom AG (”Deutsche Telekom”). Deutsche Telekom är en av de äldsta kunderna inom Anotos affärssegment Forms och avtalet innebär att ramverket inom vilket Anoto och Deutsche T
CORRECTION: Missing MAR label in previous press release – “Anoto enters into a USD 1.1 million agreement for the sale of pens and three-year software licenses with Deutsche Telekom”28.11.2023 19:15:00 CET | Press release
Anoto Group AB (publ) issues a correction to the press release published earlier today. The correction refers to the fact that the press release lacked a MAR label with reference to the EU Market Abuse Regulation (MAR). The following information should have been included in the press release: ”This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person above for publication 28 November 2023, at 08:00 CEST.” The correct press release is published in its entirety below. Stockholm, 28 November 2023 – Anoto Group AB (publ) ("Anoto" or the "Company") today announces that it has signed a procurement agreement relating to the sale of new pens, plus a new three-year software licensing agreement with Deutsche Telekom AG (“Deutsche Telekom”). Deutsche Telekom is one of the oldest customers of Anoto’s Forms business and this agreement means that the framework withi