GlobeNewswire by notified

New Future Ready Lawyer Survey Finds Increasing Pressures on Legal Professionals as Pace of Change, Compliance Complexity and Talent Challenges Climb

Share

NewFuture Ready Lawyer SurveyFinds Increasing Pressures on Legal Professionals
as Pace of Change, Compliance Complexity and Talent Challenges Climb

More than ever, lawyers turn to legal tech for help

September 14, 2022 – The increasing complexity of compliance, new client expectations, talent challenges and productivity demands are pressuring legal professionalsas never before, according to the findings of Wolters Kluwer’s new global Future Ready Lawyer Survey 2022. The survey also finds that more progress is needed as most legal professionals say they are not well-prepared to address key challenges and opportunities.

Challenged to keep up with emerging trends and escalating demands, legal professionals are increasingly turning to legal technology for help. Across Europe and the U.S., the investment and demand for legal tech solutions have accelerated, with technology now firmly at the center of improved performance, productivity, client-firm relations and talent expectations. According to survey findings:

  • 91% of corporate legal departments are expecting their law firms to fully leverage technology.
  • More than 80% of lawyers say it’s of high importance to them to work for a tech-savvy law firm or legal department.
  • The Increasing Importance of Legal Technology is a top trend for 79% of lawyers.
  • 64% of legal departments and 63% of law firms will increase their software investments over the next year.

Lawyers already work in a high-pressure environment, and the Future Ready Lawyer Survey 2022 found that demands are growing as trends impacting the legal profession continue to accelerate,” said Martin O’Malley, Wolters Kluwer Legal & Regulatory CEO. “The pressure further intensifies as only about one-third of lawyers say that they are very prepared to address these trends. As legal professionals look to bolster their capabilities, the survey found that – more than ever – organizations are turning to technology as a lever to improve performance.”

The Wolters Kluwer Future Ready Lawyer Survey 2022 includes insights from 751 legal professionals across the U.S. and 10 European countries. In its fourth consecutive year, the survey offers a timely perspective with benchmark data pre- and post-COVID crisis on trends, capabilities and changes in the profession and examines how well-prepared organizations are to drive higher performance.

Key Survey Findings

Top trends
The top trends expected to have the most impact across the legal sector over the next three years are:

  • Increasing Importance of Legal Technology – 79%
  • Coping with Increased Volume and Complexity of Information – 79%
  • Meeting Changing Client/Leadership Expectations – 79%.

Just 36% or fewer lawyers say their organization is very prepared to keep pace with any of these trends.

New and growing areas in law are another big trend impacting lawyers:

  • 77% report that Coping with Emerging and Growing Compliance Areas, such as Environmental, Social and Governance (ESG) and data privacy, is a significant trend.
  • 56% of corporate lawyers and 45% of law firm lawyers report increased demands for ESG guidance over the past year. Most say their organization is not very prepared to keep up.

Also, clearly established in 2022 is the trend on changes in how legal work gets done, and who is doing it, with each area showing increases over prior years:

  • For corporate legal departments: 84% report Greater Use of Contract Staff; Greater Use of Non-legal Staff to Perform Work; and Greater Use of Alternative Legal Service Providers.
  • For law firms: 81% report Greater Use of Third-party or Outsourced Resources; 78% report Greater Use of Non-legal Staff to Perform Work and Greater Use of Contract Staff; and 77% report more Client Self-service.

The 2022 findings also build on prior years’ survey results relating to performance trends, which show that across a wide range of areas legal organizations that fully leverage technology outperform organizations that do not.

  • Law firms that fully embrace technology were once again more profitable than those that do not: 63% of Technology Leading firms report their profitability increased over the past year compared to 46% of other firms.

Talent troubles ahead
Legal organizations felt the impact of the “great resignation” over the past year, and based on survey findings, more talent challenges are coming:

  • 86% of corporate lawyers and 70% of law firm lawyers say the great resignation has had a very or somewhat significant impact on their organization.
  • 70% of corporate lawyers and 58% of law firm lawyerssay they are very or somewhat likely to leave their current position in the next year.

Organizations are not well-prepared to handle the talent churn. Only:

  • 33% of legal departments are very prepared to Recruit/Retain Legal Staff; 36% are very prepared to Recruit/Retain Technology Staff.
  • 28% of law firms are very prepared to Recruit/Retain Legal Staff; 33% to Recruit/Retain Technology Staff.

Technology is crucial to talent:

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

Client-firm relationships improve
Technology capabilities are at the center of clients’ evaluation of both existing and future firm relationships:

  • 91% of legal departments say it will be important for the law firms they use to fully leverage technology.
  • 97% of legal departments do or will ask firms they are considering to describe the technology they use to be more productive and efficient.
  • The top reason legal departments would switch law firms is if the Firm did not Demonstrate Efficiency and Productivity. Only 38% of corporate lawyers say their current firm Uses Technology to Drive Productivity/Efficiency very well.

Overall, client-firm relationships have improved, yet firms are at higher risk of being fired:

  • 55% of legal departments say their relationship with their firm has improved since before the pandemic.
  • In addition, 43% of legal departments report being very satisfied with their firm today, up from 30% in 2021.
  • At the same time, however, 32% of corporate legal departments report that they are very likely to switch firms in the next year, up from 24% in 2021.

The full survey report, which includes further findings across law firms, corporate legal departments, technology, talent and trends, as well as special sections on the impact of ESG and insights from legal industry luminaries can be downloaded at Wolters Kluwer Future Ready Lawyer 2022

About the 2022 Wolters Kluwer Future Ready Lawyer Survey
The Future Ready Lawyer Survey 2022from Wolters Kluwer Legal & Regulatory included quantitative interviews with 751 lawyers in law firms, legal departments and business services firms across the U.S. and 10 European countries – the United Kingdom, Germany, The Netherlands, Italy, France, Spain, Poland, Belgium, Sweden and Hungary – to examine how client expectations, technology and other factors are affecting the future of law across core areas and how legal organizations are prepared to address them. The survey was conducted online for Wolters Kluwer by a leading international research organization from May 16 to June 3, 2022.

About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. 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 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,800 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands. For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.

MEDIA CONTACT:
Leslie Bonacum, Wolters Kluwer Legal & Regulatory Communication
+1 847 877 7641
leslie.bonacum@wolterskluwer.com

Attachment

To 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

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

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

Sampo plc’s share buybacks 05/12/20225.12.2022 21:30:00 CET | Press release

SAMPO PLC STOCK EXCHANGE RELEASE 05/12/2022 at 10:30 pm Sampo plc’s share buybacks 05/12/2022 On 05/12/2022 Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI0009003305) as follows: Sampo plc’s share buybacksAggregated daily volume (in number of shares)Daily weighted average price of the purchased shares*Market (MIC Code)13,47548.69AQEU28,95348.70CEUX16,18048.68TQEX62,37348.69XHELTOTAL120,98148.69 *rounded to two decimals On 9 June 2022, Sampo announced a share buyback programme of up to a maximum of EUR 1 billion in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. The programme, which started on 10 June 2022, is based on the authorization granted by Sampo's Annual General Meeting on 18 May 2022. After the disclosed transactions, the company owns in total 17,053,455 Sampo A shares representing 3.20 per cent of the total number of shares in Sampo plc. Details of

Kvika banki hf.: Increase in issue of KVIKA 25 1201 GB5.12.2022 19:17:40 CET | Press release

Today Kvika banki hf. sold nominal ISK 560 million in the bond series KVIKA 25 1201 GB at the price of 100.00, a 1.25% spread over the 3M REIBOR interest rate. The bonds have a maturity of 3 years and pay interest quarterly. Following the tap issuance, the total amount issued in the series will be ISK 1,660 million. The bonds are expected to be issued and admitted to trading on Nasdaq Iceland’s sustainable debt market on 8 December 2022. The bonds will be issued under the bank’s domestic debt programme with reference to its green financing framework. For further information please contact Kvika‘s investor relations at ir@kvika.is or via tel. (+354) 540 3200.

Sweegen announces growth capital investments and manufacturing partnership ahead of Food Ingredients Europe 20225.12.2022 19:15:05 CET | Press release

Momentum from global regulatory approvals and customers’ product launches drives strong valuation and investment demand. Rancho Santa Margarita, Calif., Dec. 05, 2022 (GLOBE NEWSWIRE) -- Sweegen announced its strategic investment and partnership snapshot ahead of the FI Europe 2022, where it will exhibit zero sugar solutions in immersive food experiences, displaying consumers’ favorite foods and beverages with zero sugar solutions in Paris, France, Dec. 6-8. In the wake of the 2022 company developments of major customer launches, a growing global footprint, and regulatory approvals on its sweeteners and stevia technology, Sweegen is attracting major partners and moving forward with additional growth capital raised from current shareholders, Pasaca Capital and Sumitomo Chemical Co. (Sumitomo), reaching the “unicorn” status. “Our growth is meaningful in the world of sweetener innovation as we are bringing wellness solutions to food and beverage brands and consumers in new global regions

Major shareholder notification – Norges Bank5.12.2022 18:31:26 CET | Press release

GN Store Nord A/S hereby announces that on December 5, 2022, pursuant to Section 38(1) and Section 39(1) of the Danish Capital Markets Act, it received a notification from Norges Bank stating that on December 2, 2022 Norges Bank increased its aggregate holding of shares and financial instruments, cf. Section 38(1) and Section 39(2)(1) of the Danish Capital Markets Act, to above 5% of the share capital and voting rights in GN Store Nord A/S. For further information, please contact: Investors and analysts Anne Sofie Staunsbæk Veyhe Vice President – Investor Relations, Treasury & M&A Tel: +45 45 75 85 06 or Rune Sandager Senior Director – Investor Relations Tel: +45 45 75 92 57 Press and the media Steen Frentz Laursen Vice President, Corporate Communications Tel: +45 20 65 34 20 About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliv

Ilkka Oyj – Acquisition of own shares on 5 December 20225.12.2022 18:00:00 CET | Press release

ILKKA OYJ, STOCK EXCHANGE RELEASE, 5 December 2022 at 19:00 EET IlkkaOyj – Acquisition of own shares on 5 December 2022 At Nasdaq Helsinki Ltd: Date5 December 2022Exchange transactionBuyShare trading codeILKKA2Amount, shares 1,567Average price/share, EUR3.6337Total cost, EUR3,633.70 The company holds a total of 1,567 of its own shares (ILKKA2) including the shares acquired on 5 December 2022. Detailed information concerning the acquisition is attached to this stock exchange release. On behalf of Ilkka Oyj DANSKE BANK A/S, FINLAND BRANCH Jonathan Nyberg Antti Väliaho Additional information Olli Pirhonen, CEO, Ilkka Oyj, tel. +358 40 766 5418 www.ilkka.com Attachment Ilkka buyback 5.12.2022