In this report, we spoke to more than 360 general counsel and senior in-house lawyers from large (£100m+) UK-based businesses from financial services, automotive, technology and other sectors about their concerns and how they manage risk.
Read on to learn the key findings of the litigation risk 2024 report by Shoosmiths' team of litigation experts, headed by Head of Dispute Resolution & Litigation, Alex Bishop, and download the report.
A large proportion of respondents anticipate more disputes over the next three years, with group litigation, environmental claims, supply chain disputes and employment issues being most concerning.
While there is a degree of alignment between boards and legal teams on the key areas of litigation risk, there is room for improvement in all but 13% of the respondents’ businesses.
Two in five (38%) respondents say data breach follow-on litigation is one of their board’s top concerns, but GCs and legal teams see it as less of a worry.
More than three in four senior lawyers expect to increase headcount and 82% expect to increase spending on dispute resolution over the next three years.
Companies are more confident in their ability to respond to disputes than they are in their ability to identify emerging areas of risk. Half are not horizon-scanning insights into legal changes and 64% do not undertake trend analysis on their sector.
Fewer than half of respondents provide internal training on specific litigation risks, only 46% conduct litigation preparedness reviews and only 36% carry out contract audits.
“As a business, we could employ much more joined-up thinking. Everybody tends to work in silos, with little awareness of the company’s overall risk profile.
Partner & Head of Birmingham Office
Partner
Partner & Head of London Office
Partner
Partner & Head of Manchester Office
