Highlights from the 2023 Economist Impact’s General Counsel Summit
Last week, we sponsored the 2023 Economist Impact’s General Counsel Summit. Here are some things we learned…
Resilience is more than a buzzword
Discussions about responding to geopolitical events was prevalent, where one session revealed that 96% of executives are actively adjusting their trade operations.
The main focus is on diversification, where companies are increasingly diversifying their supply chains to become more resilient. This means initiatives like ending single sourcing for products and engaging with more suppliers.
To enhance their resilience, companies are focusing on thorough due diligence to better understand suppliers, including evaluating potential risks like political alignments with unstable regimes.
Generative AI supplements, not replaces
Generative AI was a hot topic. It highlighted its role as a valuable supplement to human work, enhancing efficiency rather than replacing people. Its primary role is to free up time for lawyers, enabling them to engage in more value-added work.
For instance, participating in leadership meetings where lawyers can actively contribute to strategic discussions and decision-making processes within their organisations. Or offering effective leadership and guidance, where they can assume a leadership role in legal matters, providing valuable direction and expertise.
Another insight was how integrating generative AI can create more engaging and innovative tasks. This is particularly important since job satisfaction for general counsels is low, with a significant 73% of in-house lawyers reporting dissatisfaction with their roles.
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