In my latest guest post for Avansic, I talk about the fact that recession is coming (probably). Is there a way through? I think there is.
As I discuss in the post here, to paraphrase a line from Game of Thrones, recession is coming. Probably. According to the World Economic Forum, almost two-thirds of chief economists believe a global recession is likely in 2023; of which 18% consider it extremely likely – more than twice as many as in the previous survey conducted in September 2022. US GDP increased only 2.1% in 2022 after increasing 5.9% in 2021. Year-over-year inflation, the rate at which consumer prices increase, was 6.5% in December 2022.
That recession certainly seems to be extending to eDiscovery, giving many organizations pause as well in terms of how they manage budgets, including legal technology and eDiscovery budgets.
Don’t believe me? Rob Robinson’s Winter 2023 eDiscovery Business Confidence Survey (on his excellent ComplexDiscovery site) provides three stats from the latest survey that illustrate where we are currently. Here’s one of them:
Expected Profits in Six Months: Respondents expecting higher profits in six months dropped 6.9% from last quarter to 23.1%, which is the lowest number ever – even the start of the pandemic didn’t drop that low!
So, what are the other two stats? More importantly, what can organizations do to find a way through, even when there are budgetary constraints and more work to do than ever? I discuss all of that in the blog post here. It’s just one more click – even to a post I wrote! 😉
Don’t forget to join Dr. Gavin Manes, Dr. Jerald Dawkins and me for the Avansic webinar Considerations for eDiscovery Outsourcing and Securing Your Data next Wednesday, March 1st at 11am CT. Register here to join us!
So, what do you think? Do you agree that recession is coming, or maybe even already here? Please share any comments you might have or if you’d like to know more about a particular topic.
Disclaimer: The views represented herein are exclusively the views of the author, and do not necessarily represent the views held by my employer, my partners or my clients. eDiscovery Today is made available solely for educational purposes to provide general information about general eDiscovery principles and not to provide specific legal advice applicable to any particular circumstance. eDiscovery Today should not be used as a substitute for competent legal advice from a lawyer you have retained and who has agreed to represent you.