Over the past 3 months The Cowen Group surveyed 65 Fortune 500 legal executives on their top investment priorities for 2015 and the results are surprising. Specifically,corporate counsels’ investment priorities are shifting from eDiscovery-centric investments to privacy and security investments. While the largest percentage of corporate counsel budget will still be spent on eDiscovery, for the first time they are reporting that top investment priorities will be focused on privacy and security and not on eDiscovery. That is to say, corporate counsel will allocate more of their budget in 2015 to privacy, security and governance initiatives than on eDiscovery initiatives.
This development has several noteworthy implications which we will explore in depth on The Legal Innovation 2020 Outlook call on which we will also be discussing the Cowen Corporate Counsel Investment Trends Survey on our Webcast on Wednesday Dec 10th at 1pm EST. Here are just a few highlights.
Highlights on our outlook for 2015 and beyond:
- Strategy versus Tactics in organizational priorities
- Workflow development and improvement
- My favorite for several reasons- Talent Acquisition. Both FTE’s and consultants will see the impact in the capability and capacity of corporate counsel to respond and react to data incidents. Who has the talent to manage the increasing cybersecurity and privacy challenges and issues?
In addition to an analysis of the actual investment priorities reflected from the survey we will also explore factors behind who will come out ahead and who will be left behind as a result of are the winners and losers of this shift in investment priorities.
3 of the top 10 winners here will be:
- Talent with experiential knowledge of PSG-& D as demand from this talent is expected to rise 50% plus in the coming months
- Innovative vendors and service providers with the resources and focus on execution
- Law firms with experience with data breach and incident response, privacy and eDiscovery, as over the next 24 months the Fortune 500 in The United States and global 2,000 abroad will need more legal advice as data breaches and federal regulations become more prevalent.
I hope you will accept my invitation to join us on Wednesday December 10th at 1pm EST for our Deep Dive Webcast on 2015 Legal Innovation and corporate investment trends and priorities.
Our webcast discussion leaders include corporate and legal practitioners from White & Case, Sears, Wells Fargo, Baker Hostetler, VMWare, Credit Suisse, McKenna Long and many other industry experts.
For a link and invitation to our webcast, click here.