[Editor’s Note: This article was first published April 20, 2023 and EDRM is grateful to David Netzer and our Trusted Partner, Legal Tech Talent Network, for permission to republish.]
We were thrilled to help our friend Rob Robinson distribute the ComplexDiscovery’s Spring 2023 eDiscovery Business Confidence Survey and even more thrilled to see the positive trends illustrated by the results. As stated by Rob in his report, “Respondents generally have an optimistic outlook on the current business conditions, with most considering them good .” So now, let’s dig into the results and analyze how the current trends might affect the job market in the eDiscovery ecosystem. With nearly half of the Respondents self-identifying as occupying Executive Leadership roles in various organizations, including Law Firms, Software or Services Providers, Consultancies, and Corporates, their views should be a great indicator of the anticipated staffing requirements of these organizations for the rest of this year.
From the Survey Results:
Current figures noted alongside the increase or decrease from the survey results in the prior quarter
Question: How do you think the business conditions will be in your segment six months from now? (Subjective feeling of business performance when compared with business expectations)
Answers:
Better – 34.7% ↑
Same – 61.3% ↓
Worse – 4.0% ↓
Analysis: With an increasing percentage of responses pointing toward better business conditions, and a decreasing amount predicting less favorable conditions, those in Leadership roles should feel more confident to invest in hiring and developing their talent pool. Further, if these business leaders expect increasing demand, they should refrain from seeking to cut staff to ensure they have the workforce to continue meeting the needs of their operations.
With an increasing percentage of responses pointing toward better business conditions, and a decreasing amount predicting less favorable conditions, those in Leadership roles should feel more confident to invest in hiring and developing their talent pool. Further, if these business leaders expect increasing demand, they should refrain from seeking to cut staff to ensure they have the workforce to continue meeting the needs of their operations.
David Netzer
Question: How would you guess revenue in your segment of the eDiscovery ecosystem will be six months from now? (Revenue is income generated from eDiscovery-related business activities)
Answers:
Higher – 48.0% ↑
Same – 44.0% ↓
Lower – 8.0% ↓
Analysis: Compared to the prior quarter, there is an increase in the number of organizations expecting higher eDiscovery business revenues and a decrease in the number of organizations fearing a reduction. This means aggregate staffing levels may increase slightly on the expectation of higher revenues, especially since fewer individuals foresee a possible revenue decrease. In short, more work usually equals more jobs and hopefully a reduction in job losses.
Summary: Based on the results of the Spring 2023 eDiscovery Business Confidence Survey, most people see our industry headed in a positive direction. With respondents expressing a generally optimistic outlook on the current business conditions, the future looks bright for the eDiscovery ecosystem. The increasing percentage of responses pointing toward better business conditions, along with the increase in the number of organizations expecting higher eDiscovery business revenues, should provide those in leadership roles with the confidence they need to support decisions to invest in hiring and developing their workforces. This is good news for the legal tech job market and hopefully will result in more net jobs through the end of 2023. Overall, the survey results are encouraging and suggest that our industry will continue to thrive in the coming months.
View the full quarterly results on the ComplexDiscovery blog.
