{"id":223501,"date":"2024-01-17T18:45:14","date_gmt":"2024-01-17T18:45:14","guid":{"rendered":"https:\/\/dominiclevent.com\/blog\/?p=223501"},"modified":"2024-01-17T18:45:14","modified_gmt":"2024-01-17T18:45:14","slug":"norton-rose-fulbrights-19th-annual-litigation-trends-survey-heightened-risk-around-cybersecurity-a","status":"publish","type":"post","link":"https:\/\/dominiclevent.com\/blog\/norton-rose-fulbrights-19th-annual-litigation-trends-survey-heightened-risk-around-cybersecurity-a\/","title":{"rendered":"Norton Rose Fulbright\u2019s 19th Annual Litigation Trends Survey: heightened risk around cybersecurity a…"},"content":{"rendered":"\n
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Global law firm\u00a0Norton Rose Fulbright\u2019s 19th\u00a0Annual Litigation Trends Survey<\/a>, released today, finds that risks and evolving regulation around technology and cybersecurity dominate corporate counsel concerns heading into 2024, as cyberattacks and a patchwork of data privacy laws deepen litigation exposure.<\/p>\n

Forty percent of respondents said their exposure to cybersecurity and data protection disputes increased in 2023 \u2013 more than any other category \u2013 and those risks appear here to stay, with that area also topping the list of 2024 litigation concerns amid mounting challenges posed by data management and artificial intelligence (AI).<\/p>\n

Questions surrounding AI\u2019s role in patent inventorship, copyright ownership and fair use cases are also expected to fuel intellectual property dispute exposure in the year ahead. Nearly half of respondents expect that increased use of AI technology will deepen their vulnerability to such litigation in 2024.<\/p>\n

Despite AI\u2019s litigation risks, however, the report found that more than a third of corporate counsel support the use of generative AI by their law firms. This comes as litigation spending grows and in-house law departments feel less prepared to address lawsuits in the year ahead.<\/p>\n

\u201c2023 brought rapid-fire developments in artificial intelligence, and in-house counsel are eager both to respond to new uncertainties around generative AI and also take advantage of the efficiencies it promises,\u201d said\u00a0Steven Jansma<\/a>, Norton Rose Fulbright\u2019s US Head of\u00a0Litigation and Disputes<\/a>. \u201cThis tension informs many of the trends we highlight for 2024, including cyber risk, intellectual property and expectations for outside counsel.\u201d<\/p>\n

This year\u2019s report is based on a survey of more than 400 general counsel and in-house litigation leaders based in the United States and Canada in industries such as financial services, technology, healthcare, energy, retail, real estate and construction, among others. The research also includes findings from in-depth interviews with corporate counsel to better explore emerging trends and the litigation challenges industry leaders face in 2024.<\/p>\n

\u201cThe litigation environment is more complex when business relationships are less predictable, particularly in these volatile economic and political cycles,\u201d said\u00a0Richard Krumholz<\/a>, Norton Rose Fulbright\u2019s Global Head of Litigation and Disputes. \u201cLitigation becomes more probable in these turbulent times, and seeking the views of outside litigation counsel to assess risks and to prepare strategies at the early stages becomes more important when in-house counsel identifies potential disputes that may lead to substantial risk.\u201d<\/p>\n

Other key areas of concern include regulatory proceedings, class actions and environmental, social and governance (ESG) litigation. Sixty-one percent of respondents were involved in at least one regulatory proceeding in 2023, compared to 50% in 2022.<\/p>\n

The share of organizations involved in bank and financial fraud class actions more than doubled in the wake of last year\u2019s banking crisis, and nearly one-third of respondents are concerned about securities class actions in 2024. Respondents are also increasingly concerned about ESG, as issues from greenwashing to diversity policies to regulatory compliance undergo increased scrutiny in a divisive political environment.<\/p>\n

A comprehensive report detailing the survey\u2019s findings is available at\u00a0litigationtrends.com<\/a>. Other highlights include:<\/p>\n