With the steep rise in in-house legal departments, rapidly evolving technology, heightened use of alternative legal providers and the explosion of new regulations as businesses continue to expand across the globe, a new report from McCarthy Tétrault recommends legal service providers reinvent to adapt or die.
Internationally, regulations are proliferating while businesses expand across borders, says the report. Meanwhile, the authors say, in the digital realm, data is multiplying and creating liability for businesses. That means there is a huge increase in corporate legal departments that heightens the need for other lawyers to integrate their expertise with the business world.
“This is a historically unique time for lawyers,” says the report, which is authored by three lawyers at McCarthy Tétrault: Susan Wortzman, a partner and founder of MT>3; Matthew Peters, a partner and national innovation leader; and Judith McKay, the chief client and innovation officer.