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- Rising ESG Demand: 68% of respondents reported increased demand for ESG expertise, but only 29% of law firms and 41% of corporate legal departments feel “very prepared” to meet the challenge.
- GenAI Adoption: 76% of legal professionals in corporate legal departments and 68% in law firms use generative AI (GenAI) at least once a week, driving efficiency but revealing integration challenges.
- Return to Office: 73% of legal professionals now work in the office four or more days a week, reflecting a global shift back to face-to-face collaboration.
ESG demand outpacing preparedness
According to the 2024 Future Ready Lawyer Survey by Wolters Kluwer, the legal industry is facing a sharp rise in demand for ESG-oriented services. The survey found that while 68% of legal professionals report increased demand for ESG expertise, only 29% of law firms and 41% of corporate legal departments feel “very prepared” to address it.
Martin O’Malley, CEO of Wolters Kluwer Legal & Regulatory, notes, “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. Adapting processes to support the use of AI and the rising demand for ESG remain critical areas of focus.”
To close the gap between rising client expectations and existing expertise, 56% of legal departments and 45% of law firms have started providing ESG training to their staff. Additionally, 42% of law firms and 41% of corporate legal departments have created dedicated ESG units, ensuring they are equipped to meet specific client needs.
Related Article: Bloomberg Forum Poll Highlights ESG Data Gaps and ISSB Reporting Challenges
AI transforming legal practices
Generative AI is revolutionizing the legal industry, with 76% of corporate legal department lawyers and 68% of law firm lawyers using GenAI at least once a week. Over a third of legal professionals use it daily. This shift is driving greater efficiency by reducing manual tasks and managing large volumes of information.
However, the integration of GenAI isn’t without hurdles. Around 37% of law firm employees and 42% of corporate legal department staff reported challenges in merging GenAI with their existing systems and workflows. Despite this, 58% of law firms and 73% of corporate legal departments plan to increase their investment in AI over the next three years.
“The future of the legal profession belongs to those who embrace technology with optimism and an unwavering commitment towards innovative client services,” O’Malley emphasized.
Returning to the office
Another key finding from the survey is the increased return to in-office work. A majority of legal professionals (73%) are required to work in the office four or more days a week. The shift is more prevalent in corporate legal departments (77%) than in law firms (69%).
Globally, this trend is echoed with over half of employees in the U.S. (56%), Italy (54%), and Poland (51%) working five days a week. Meanwhile, 46% of respondents in France and 40% in the Netherlands report working four days a week.
As law firms and corporate legal departments continue to adapt to technology, regulatory demands, and changing workforce dynamics, the survey underscores the importance of staying future-ready. The legal industry is navigating significant transitions, from integrating AI to bolstering ESG expertise, positioning itself for the challenges ahead.