The inaugural Asia Legal Priorities Report 2024 by Thomson Reuters arrives at a crucial time for the legal sector. This report gathers insights from nearly 250 legal professionals, including 108 in-house counsel and 138 private practice lawyers, primarily from Singapore, Hong Kong, and Malaysia. It explores the transformative potential of generative AI (GenAI), evolving ESG compliance requirements, and the strategic priorities shaping successful legal teams in Asia. Download the report to understand the key trends and strategies that will define the future of legal practice in the region.
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As Carsten Rosenkranz, Director of Legal, Risk, and Compliance for APAC at Thomson Reuters, notes, “Setting the right priorities today will shape whether your path is a challenging climb or a smooth ride to success.”
In-House Counsel’s Strategic Focus for 2024
The top legal concern for in-house counsel in 2024 is data protection and cybersecurity (26%). This underscores the critical need to safeguard sensitive information in a digital world. Following closely, GenAI adoption in the legal profession (20%) charts second in the list. In-house counsel are exploring how GenAI can streamline legal processes and enhance efficiency. ESG/Green finance regulations (18%) also remain a crucial focus due to the evolving regulatory demands.
The report also features diverse perspectives from in-house counsel. Edward Tsim, Legal Director at GoGoX in Hong Kong, says, “GenAI has the potential to transform legal work by automating routine tasks, enabling faster and more accurate work, and providing insights to support decision-making.” Charmaine Lai, Senior Legal Counsel at Air Liquide in Malaysia, adds, “Many lawyers are hesitant to adopt GenAI due to legal complexities associated with confidentiality, data protection, and intellectual property rights.”
What Does AI Mean for Lawyers in Asia?
Legal AI, particularly Generative AI (GenAI), is set to transform the legal profession in Asia by automating routine tasks, enhancing contract management, and streamlining legal research. However, concerns about the accuracy and reliability of AI outputs, cited by 29% of respondents, underscore the need for robust governance and clear policies. This highlights the importance of choosing reliable and responsible AI models, with particular attention to mitigating biases in data and model training.
The introduction of AI regulations, such as Singapore’s Model AI Governance Framework for GenAI, emphasizes the need for ethical compliance and risk management. With 35% of professionals tip AI to have a ‘transformational’ effect on their professions in the next five years, the interest in AI among legal professionals is undeniably high. Implementing Responsible AI Principles across organizations is crucial for balancing innovation with risk management.
Asia Law Firms to Transform Client Services in 2024
The Asia Legal Priorities Report 2024 highlights the transformative impact of legal technology on client services and operational efficiency for law firms. The strategy most likely to drive growth in 2024 is to provide timely advice (21%) and industry expertise (16%). Over one in five private practice lawyers (21%) identified improving the quality and speed of client services as crucial to their future success.
Hong Kong-based law firm Hauzen is prioritizing technology adoption to better support fintech clients. “We rely on technology to manage information, share information, manage our practice, communicate, and draft, and are constantly seeking ways to deliver more value through technological leverage,” said Managing Partner Basil Hwang.
