Based on the findings of a recent global survey, technology adoption for legal professionals is accelerating with the use of transformational technologies, expected to double by 2022. Stacey Caywood, CEO of Wolters Kluwer Legal & Regulatory, and Dean Sonderegger, head of Wolters Kluwer Legal & Regulatory U.S., will participate in a fireside chat at the dLaw Summit in New York on October 22 to discuss what this means for legal professionals, along with additional findings from the recent 2019 Future Ready Lawyer Survey from Wolters Kluwer Legal & Regulatory.
The survey found that, faced with increasing information complexity, changing client demands and shifting market forces, legal professionals are turning to technology to help them achieve better outcomes. However, not all lawyers are doing so at the same pace. Lawyers who adapt tech earlier are showing signs of advantage, including higher profitability and readiness to take on change.
According to the survey, the top five trends legal professionals expect will have the greatest impact over the next three years are:
- Coping with increased volume and complexity of information.
- Emphasis on improved efficiency and productivity.
- Understanding which legal technologies deliver the highest value.
- Meeting changing expectations from clients, and leadership.
- Financial issues, including greater price competition, alternative fee structures and cost containment pressures.
While more than two-thirds of lawyers expect that these trends will impact them by 2022, the survey found that fewer than one-third of lawyers are very prepared to address any of one of them – revealing a gap between these near-term forces and readiness to manage them.
“The legal industry is at an inflection point as external forces are driving change, quickly ushering in a time of transformation related to tech solutions,” said Caywood. “I am pleased to join this discussion around the implications of these findings for corporate counsel and the legal market at large, and to discuss what legal professionals can do in order to become future ready.”
“Legal professionals are increasingly turning to impactful technologies to offer higher value, efficiency, and productivity,” said Sonderegger. “It is crucial for them to understand how different solutions can not only add value for an organization, but also how they can be leveraged in a way that benefits the organization’s bottom line.”
As the CEO of Wolters Kluwer Legal & Regulatory, Stacey Caywood is the head of operations for the division in Europe, the United States, and Asia Pacific. During her tenure as CEO, Caywood has led the transformation of legal and regulatory business to meet changing customer needs, with a focus on serving professionals with innovative solutions that help them be more productive, strengthen client relationships and deliver higher value client services.
With more than two decades of experience at the cutting edge of technology across industries, Dean Sonderegger leads Wolters Kluwer Legal and Regulatory U.S. An advocate for involving customers and partners in the co-creation of solutions through agile development processes, he has accelerated the delivery of impactful new solutions in the legal market, advancing Wolters Kluwer as an innovation leader in the legal industry. He is a highly sought-after speaker and thought leader, and he currently authors a monthly column for Above the Law exploring the intersection of artificial intelligence and the practice of law.
The dLaw Summit focuses on the impact of digital transformation in the legal industry. Participants will gather to explore the integration of digital technology for the legal services professionals, including specific emerging tools, new business models, and creative client acquisition and retention strategies. The conference will be held in New York City on October 22-23, 2019. Moderated by Brian Dalton, VP Research & Content, Breaking Media, the session will take place Tuesday, October 22 at 9:30 AM.
To learn more about the event, visit: https://dlawsummit.com/.
About Wolters Kluwer Legal & Regulatory
Wolters Kluwer Legal & Regulatory U.S. is a part of Wolters Kluwer N.V. (AEX: WKL), a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with advanced technology and services.
Wolters Kluwer reported 2018 annual revenues of €4.3 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).