Lawyer Monthly - January 2022 Edition

27 JAN 2022 | WWW.LAWYER-MONTHLY.COM 2022 TRENDS OUTLOOK: GLOBAL LEGAL SECTOR Cybersecurity In recent years, cybercrime has in- creased dramatically in the legal sector. A 2018 report by the National Cyber Se- curity Centre revealed that 60% of law firms reported an information incident, while a survey by the Solicitors Regula- tion Authority found that 23 of the 40 law firms they spoke to had over £4 mil - lion of client money stolen in attacks. In the UK alone, cybersecurity breaches account for half of all crimes, and as law firms increasingly shift toward remote and hybrid work models, the risk of cy- bersecurity breaches is only exacerbat- ed. As such, 2022 will undoubtedly see improved cybersecurity become a key goal to safeguard legal data from cyber- attacks and unauthorised access. 3 Client-led change Many changes within the legal indus- try are client-led, with the sector’s in- creased adoption of technology serving as a prime example. “The consumer de- mand for more remote legal solutions is undeniable,” says Jack Newton, founder and CEO of Clio. According to the latest Clio legal trends report, only 23% of consumers were open to working with a lawyer remotely in 2018. However, Clio’s report reveals that 79% of consumers now see the abil- ity to meet with a lawyer remotely as a key factor in deciding who to work with. 58% of people said they wanted the op- tion to have a consultation via a video call. In addition to pushing firms to more widely adopt technology, clients are also now much more focused on areas such as sustainability and diversity and inclusion than they were in years past. Clients want law firms to be able to demonstrate their own future-focused approach as well as their ability to pro- vide learning and development on how they can manage these factors in their own businesses. 5 Alternative Legal Services Alternative Legal Services is a pre- pandemic trend that has continued to gain momentum throughout 2021 and is set to gain even greater traction in 2022. Providers of Alternative Legal Services are solution sellers, undertaking specific legal tasks and processes to boost efficiency. Law firms are increasingly outsourcing niche tasks to these providers as they complete them quicker and at a lower cost. In a 2021 report by Thomson Reuters, the use of Alternative Legal Service Providers (ALSPs) in the USA, Canada, the UK, and Australia showed a high market penetration, with eDiscovery being the dominant service sought by law firms. According to the report, the ALSP market is currently valued at $14 billion. 4 Final thoughts Thanks to technological advances and client demand, amongst other factors, the way law firms operate is shifting at a rapid pace. We look forward to seeing how these five legal trends impact the legal sector in 2022 and beyond.