Wolters Kluwer N.V.: Future Ready Lawyer Survey 2024: Legal professionals confident in managing AI-driven changes to business of law
PRESS RELEASE
Wolters Kluwer’s 2024 Future Ready Lawyer Survey: Legal professionals confident in managing AI-driven changes to business of law
- 76% of legal professionals in corporate legal departments use GenAI at least once a week, as do 68% of their counterparts in law firms; over a third use it daily
- 60% of legal professionals expect AI-driven efficiencies to reduce the prevalence of the billable hour
- 58% of law firms and 73% of corporate legal departments plan to increase their investment in AI over the next three years
- 73% of respondents say their staff is required to work in the office for four or more days a week
- Only 29% of law firms and 41% corporate legal departments indicated that they were “very prepared” to address the surge in demand for ESG expertise
New York, NY — October 24, 2024 — Wolters Kluwer, a global leader in professional information, software solutions, and services, has released the results of its global 2024 Future Ready Lawyer Survey, the preeminent source of insights from 700 lawyers in law firms and corporate legal departments across the U.S. and nine European countries.
Findings from the 2024 survey depict an industry in transition as it strives to keep pace with new technology, a rapidly evolving regulatory landscape, and new demands on the legal workforce. All of this, while legal professionals explore how generative AI (GenAI) and other innovative technologies may accelerate the transformation of longstanding business practices.
“The 2024 Future Ready Lawyer Survey finds an industry confident not only in its ability to master new and emerging technologies, but also the systemic changes that follow,” said Martin O’Malley, CEO, Wolters Kluwer Legal & Regulatory. “There are challenges on the horizon. Adapting processes to support the use of AI and the rising demand for ESG remain critical areas of focus. But it’s clear that the future of the legal profession belongs to those who embrace technology with optimism and an unwavering commitment towards innovative client services.”
Investing in the future of GenAI
GenAI is becoming a staple of the legal industry – even as organizations continue to grapple with how to best integrate it into their existing workflows. Among legal professionals surveyed, 76% of lawyers in corporate legal departments and 68% in law firms claim to use GenAI at least once a week, while 35% in corporate legal departments and 33% in law firms even use it daily. Creating new efficiencies and reducing manual tasks around legal processes that involve managing large volumes of detailed information have emerged as the primary use case. Additionally, more than half of law firms (58%) and almost three-quarters of corporate legal departments (73%) plan to increase their investment in AI over the next three years. However, 37% of law firm employees and 42% of their corporate counterparts also said that they experience challenges integrating GenAI with their existing legal systems and processes.
Managing AI-driven change with confidence
Legal professionals are optimistic about their ability to keep pace with the accelerating rate of change. More than half (56%) of respondents feel well-prepared to adjust their business practices, service offerings, workflows, and pricing models in response to the implementation of AI technology. Case in point: A majority (60%) of respondents believe that AI-driven efficiencies will impact the prevalence of the billable hour. However, that sentiment appears stronger in legal departments (67%) than inside law firms (55%).
Legal professionals return to the office
Legal professionals are spending more time face-to-face. A substantial majority of respondents (73%) say their staff is required to work in the office for four or more days a week – a trend that is slightly more pronounced in legal departments (77%) than in law firms (69%). Global trend lines are also fairly consistent: over half the employees in the U.S. (56%), Italy (54%) and Poland (51%) are expected to work in the office five days a week. In the Netherlands, 40% of the respondents and 46% of the French participants say they are required to work in the office four days a week.
Gaps in ESG preparedness remain a challenge
Data-related challenges and an increasingly complex regulatory landscape are keeping ESG top of mind. But while 68% of respondents see an increased demand for ESG-oriented legal expertise, only 29% of law firms and 41% of corporate legal departments indicated that they were “very prepared” to address the surge in ESG demand. To bridge the chasm spanning client expectations and readily available expertise, 56% of legal departments have begun administering ESG training to existing staff – an approach taken by 45% of law firms.
Wolters Kluwer’s 2024 Future Ready Lawyer Survey includes insights from 700 lawyers in law firms and corporate legal departments across the U.S. and nine European countries – Germany, the Netherlands, the United Kingdom, Belgium, France, Italy, Spain, Poland and Hungary. Now in its sixth year, the survey continues to show legal professionals across the globe adapting to technology and slowly embracing new ways to work. Law firms and corporate legal departments are harnessing GenAI, spending more time in the office, and growing their ESG expertise as they rise to the increasingly difficult task of becoming future ready lawyers.
For more information about Wolters Kluwer, please visit: www.wolterskluwer.com.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software solutions and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2023 annual revenues of €5.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,400 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Facebook, YouTube and Instagram.
MEDIA CONTACT:
Frank Ready
Manager, External Communications
Legal & Regulatory
Wolters Kluwer
Office: 717-205-3647
Email: Frank.Ready@wolterskluwer.com
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