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2024 Annual Litigation Trends Survey findings

February 12, 2024
Ruth Cowley Holly Stebbing Harriet Jones-Fenleigh Steven D. Jansma
Ruth Cowley Holly Stebbing Harriet Jones-Fenleigh Steven D. Jansma
Posted in Cryptoassets Environmental and social governance Fraud Group action litigation Investigations

Norton Rose Fulbright recently released its 2024 Annual Litigation Trends Survey. The report is based on a survey of more than 400 general counsel and in-house litigation leaders based in the United States and Canada in industries including financial services, technology, healthcare, energy, retail, real estate and construction. The survey finds that risks and evolving regulation around technology and cybersecurity dominate corporate counsel concerns heading into 2024, as cyberattacks and a patchwork of data privacy laws deepen litigation exposure. Other key areas of concern include regulatory proceedings, class actions and environmental, social and governance (ESG) litigation. Many of these themes will also resonate with our clients in the UK.

Highlights from the survey include:

  • Forty percent of respondents said their exposure to cybersecurity and data protection disputes increased in 2023 – more than any other category – and those risks appear here to stay, with that area also topping the list of 2024 litigation concerns amid mounting challenges posed by data management and artificial intelligence (AI).
  • AI is a leading contributor to both cybersecurity exposure and IP vulnerabilities, with roughly half of respondents saying that the increased use of AI technology will grow their exposure in both areas in 2024.
  • Respondents are increasingly concerned about ESG, as issues from greenwashing to diversity policies to regulatory compliance undergo increased scrutiny in a divisive political environment. Nearly one-quarter (24%) of respondents saw their ESG dispute exposure increase over the last year, with respondents in the energy, real estate and construction and technology sectors most concerned about ESG exposure in 2024.
  • The survey indicates that class actions involving antitrust, securities and bank and financial fraud have grown. The share of organisations involved in bank and financial fraud class actions more than doubled in the wake of last year’s banking crisis, and nearly one-third of respondents are concerned about securities class actions in 2024.
  • Sixty-one percent of respondents were involved in at least one regulatory proceeding in 2023, compared to 50% in 2022. Respondents are bracing for a further uptick in regulatory matters in 2024.

Please contact us if you would like to explore these findings further or meet with one of our North America-based disputes lawyers. Understanding these issues can help corporate counsel navigate and mitigate risks and make sound decisions in litigation management.