Tired of eDiscovery? Consider the Next Hot Practice Area: Information Governance
What makes information governance a hot practice area? Data is becoming increasingly important--both as a source of corporate revenue and as source of corporate liability--and so are legal jobs related to data privacy, data security, and information governance. In a four-part series at InsideCounsel, Patrick A. Fraioli, Jr., a partner at Ervin Cohen & Jessup LLP and head of the firm’s Cybersecurity practice, and Harrison D. Finch, a data privacy and security associate at the firm, tackle "Corporate Governance in the Information Age."
What is information governance?
Information governance practices have numerous repercussions:
Regulatory fines and civil penalties for noncompliance. According to the article,"the cost of non-compliance is almost three times the cost of compliance."
Loss of customers. "[A]lmost 40 percent of consumers made buying decisions based upon privacy concerns, and... 27 percent of millenials abandoned a purchase online because of security or privacy concerns."
The whole new world of possibilities using data to increase revenues streams or create new ones. Data is an asset and helping companies monetize their assets has become a key way for lawyers to attract and keep clients.
With so much as stake, there's little cause to wonder why demand for information governance, data privacy, and data security lawyers is increasing.
And it's a natural fit for some lawyers who've been entrenched in the world of e-discovery. If you're a contract attorney who truly loves data but wants to get away form coding, then consider making the switch into information governance whether in a company or a law firm, as one of my recent clients did. You might also consider switching into e-discovery project management within a law firm, a vendor, or a large company. Read how one of my clients made the move at "Temp Document Reviewer to Permanent Senior eDiscovery Project Manager – A Real Contract Attorney Story – PART 1" and "Temp Document Reviewer to Permanent Senior eDiscovery Project Manager – A Real Contract Attorney Story – PART 2"