In-house trends for lawyers to keep in mind in 2023
The pressure of the current socio-economic situation has affected all the professional sectors. Law firms need to do more with less resources as the financial uncertainty still continue. Lawyers will find a lot of difficult challenges during this year, but the circumstances for the in-house legal workers will be tougher.
The lawyers that specialized themselves in the in-house sector provides its legal services to a organization or business and, unlike, the conception of a traditional lawyer that works for a law firm, this professionals are employed by the company in which they labour. Their role consists of the conduction of legal research and analysis, the draft and negotiation of contracts among other tasks.
In order to become a great in-house professional and not fail at the negative economic situation, there are some trends that every lawyer need to keep in mind.
A report made by Wells Fargo states that legal offices want to rise in 2023 the fees from 7% to 8%, but, for the in-house lawyers, that goal cannot be achieved as their departments are cutting costs. In order to don’t waste money, many law firms want alternative fee arrangements. A solution is to turn down the fees that don’t follow the office’s billing guidelines that will cause a positive voluntary invoice reduction.
The data privacy terms are going to become an important necessity to have in order to succeed in the in-house sector. Business must work in the fulfillment of the privacy of information new laws that are still growing in number. Lawyers that work in this sector will must stay up to date with the updates of the legislation to make sure their company is complying the law.
The irruption of the standardized use of the new technologies in the legal profession with the release of the artificial intelligence ChatGPT have proved that its power and the incredible assistance that can help the legal sector. The in-house lawyers will need to know how to use them in order to analyze great amount of data, write simple reports and stay in touch with how the people behave in this modern world.
The operations that are made by the legal professionals usually are compound by one or four workers, but with the actual situation the number has been growing in size. The easier operations, such as contract management or e-signatures, can be automated in order to facilitate the work of the groups of lawyers and the in-house activity so that they can center all their efforts on more complex tasks.