The Legal Industry in a Moment of Time: Insights from AdvanceLaw’s 2023 GC Summit West

From Crisis Mode to Culture Shock: The Real Impact of Remote Work on Relationships and Wellbeing

Emerging Technologies are Gaining Momentum — But so are the Challenges They’re Solving For

Much like there was no urgency to flip to video conferencing or remote work until Covid forced it, there was little-or-no urgency to adopt evolving technology solutions within the legal industry until (what felt like) the sudden appearance of readily-available AI tools. 

Interestingly, this was the most prominent divide in our data across this year’s survey: A large group of GCs intend to deploy some AI applications, while just as many have no plans to do so, with just a small number having something in place or in progress. While tools like contract lifecycle management, bill review software, legal hold, policy management, and workflow automation offer the promise of streamlined workflows and more time for higher-value priorities, there’s still hesitancy about whether these tools can actually work — or if they’re safe. 

Which brings us to cybersecurity, a topic that remains a top concern for general counsel and the legal industry as a whole, even more so now as cyber attacks are becoming increasingly sophisticated and complex. GoDaddy, the world’s largest domain register, recently disclosed in its 10-K and in a public statement that it had discovered a breach dating back two and a half years that involved not only stolen source code, but also malware that “intermittently redirected random customer websites to malicious sites.” For clarity, that means even if a customer put in your company’s url precisely, that breach could take them to an entirely different site, breaking down the entire system of trust on which the Internet is built. 

From financial loss to reputational damage and operational disruptions, the consequences of one Google search or click have made it clear that there is a need for more resilient, proactive risk management. This is especially true in the legal industry, where the sheer amount of proprietary and otherwise sensitive data has made it a top sector target for cybercrime. 

Ramping Up Key Initiatives While Navigating Regulatory Changes 

Findings from Gartner’s latest Board of Directors Survey reveal that 87% of business leaders expect to increase their investments in sustainability over the next two years. 

This data backs what we’re hearing from GCs — but amid an increased focus on Environmental, Social, and Corporate Governance (ESG), new challenges arise in how companies quantify results and stay compliant. Regulatory shifts like the SEC’s new Climate Change rule unveiled in March, which would require publicly-traded companies to disclose to investors how their operations affect the climate and contribute to carbon emissions, add an additional layer of complexity. 

Bringing it all Together: The Right Combination of Tools and Timing

The above are just a few of the trends discussed at this year’s General Counsel Summit. Others include: outside costs, litigation concerns, social unrest, geopolitical instability — the list goes on. 

Whatever your particular mix of challenges is in 2023, it’s a crowded plate, and you’re going to need to rely on and turn to some key skills and tools to navigate them effectively. Get the data (and the context) behind where the challenges and opportunities lay ahead, along with the insights on how some of today’s GCs are planning to leverage those shifts, in our 2023 AdvanceLaw Survey Report.