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Artificial intelligence, economic uncertainty, overextended resources, shrinking budgets, renewed governmental regulatory oversight … do these sound like headaches for your legal department? If so, you’re not alone. A recent survey of general counsel and chief legal officers revealed that 87 percent expect increased risk for their companies in 2024.
The General Counsel Report 2024: Tipping Points in Strategy, Technology, Adoption and Operations, by FTI Technology and Relativity, contains interview takeaways from 60 leaders worldwide serving as the general counsel or chief legal officer of their organizations.
Survey participants were asked to list their top five risk areas. More than half listed these concerns in their top five:
One U.S.-based general counsel told the survey: “We are now in a regulatory tsunami given the uncertainty in the economy, geopolitical concerns and AI, which leads people to want to control what they can control.”
Why are legal department leaders worried about these risks and their ability to mitigate them? Survey respondents said their companies are consolidating work and overextending employees as they focus on growth.
One respondent said: We are globalizing our systems, but not adding new technology. We are not getting any increased budgets.”
General counsel always play a crucial role in managing risk while managing resources and supporting their client’s growth. In a time of increasing regulatory scrutiny, the criticality of that role is heightened. Building a flexible and resilient in-house team with proper technology and external partners is essential to navigating these choppy waters. Below are a few key initiatives to consider as you prepare for the year ahead:
These are just a few ideas to consider, but every organization and department is different, and you need to tailor the structure of your department and outside resources to fit your needs. Ultimately, remember the old adage – work smarter, not harder. The regulatory tsunami may (or may not) appear but, regardless, you will never regret taking the time to build systems and procedures that you can leverage when the inevitable (stuff) hits the fan.
Brian Roberts is Chief Legal Officer at Array and the host of The Attorney Lounge, a podcast about life, law and business. Tune in wherever you get your podcasts, or click here, to hear compelling stories of accomplished attorneys, legal professionals and industry veterans sharing their inspiring personal stories and discussing the latest trends and ideas in the business of law.
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