- within Technology topic(s)
- with Senior Company Executives, HR and Finance and Tax Executives
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- Top market impacts in next 12 months: The pace of regulatory change and increased scrutiny (35%), AI adoption & technology (32%), economic uncertainty and global geopolitics (15%).
- Top priorities for legal teams in next 12 months: Efficiency, process improvement & cost management (35%); AI adoption & technology (32%); Regulatory, compliance & governance (15%)
- Over 200 respondents in Australia, 75% of respondents part of legal function. Majority from organisations with annual revenue ofover $5 billion (33%)
- Sectors: banking, energy, real estate, mining and technology, and other sectors.
Over one third (35%) of senior business leaders and in-house counsel have listed the pace of regulatory change and increased scrutiny as the number one issue likely to have a significant impact on their organisation this year, a new client survey by Herbert Smith Freehills Kramer (HSF Kramer) has found.
The survey of over 200 of Australia's general counsel and senior in-house legal teams, executives and directors, examines the top market trends shaping their industries, and the priorities for in-house legal teams over the next 12 months. The rapid adoption of artificial intelligence (AI) (32%) and broader economic and global geopolitical uncertainty (15%) were also listed among the top three anticipated organisational impacts.
Over a third (35%) said cost management and efficiencies, AI adoption, and regulatory compliance and governance are the top priorities for legal teams over the next year.
Kristin Stammer, Executive Partner, Australia and Asia, said the client insights highlight the increasing pressures on organisations and in-house legal teams in Australia.
"Our clients are navigating an increasingly complex national and global operating and regulatory environment, which shows no signs of slowing down, in fact, quite the opposite.
"It is reason why our clients continue to work with us - we understand our clients’ business and the sectors they operate in and have the global capability to support them in their key markets. We know how to operate in this environment," Kristin said.
Susannah Wilkinson, HSF Kramer's Director, AI Acceleration (Asia & Australia), said the survey confirms businesses are continuing to use technology, such as GenAI, to innovate and create efficiencies across their organisations.
“Legal teams and leaders have shared in the survey that they are trialling ways to responsibly use new technology to manage high‑volume work, identify which legal tasks are best suited to different technologies, as well as assess potential external risks to the business, such as AI‑related scams and incidents,” Susannah said.
HSF Kramer has a dedicated Digital Legal Delivery team of more than 420 people globally. The multidisciplinary team of lawyers, technologists, and other professionals work with clients to identify practical ways to use existing and emerging technologies to manage complex and high-volume tasks, and provide technical support in areas such as contracting, investigations, litigation and claims management.
“Organisations are looking to firms like ours to lead in this space, and we are well positioned to do so. With more than 15 years of pioneering legal tech, and continued investment in building out our tech stack and upskilling our people to the highest standard, we can deliver innovative, trusted and effective services for clients’ often complex and varied needs,” Susannah said.
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