Entering a new year is often a time for reflection. However, just as we finish reminiscing on the previous year, we bounce right into looking forward: new year resolutions, plans for success and our top anticipations.
Corporate Counsel published an article discussing top trends in 2014: 5 Things General Counsel Needs to Know in 2014. In the article, they call out the following topics to be on the look out for in 2014:
1. Data privacy
2. Cloud-based and online legal services
3. Data-preservation strategies
4. Big law firm alternatives
5. Change for in-house privilege in Europe
The irony is the topics we reminisce about verses anticipate are often extremely similar year to year. It seems that the same is certainly true for many of the trends with today’s corporate counsel. In addition, big data, cloud technology, firm optimization and the impacts of globalization are all topics that won’t be going away any time soon; these are quickly becoming new realities in an ever changing corporate legal landscape. These trends are here to stay.
I’m not sure that we can expect 2014 to be a year of paradigm market shift for the corporate legal department, but that doesn’t make the challenges any easier to overcome or the focus on legal as a change agent any less significant. The best-run legal departments will continue to seek out risk reduction, predictive decision making and simplify their systems to tackle whatever 2014 will bring – whether expected or unexpected, they’ll be prepared.