New regulation is often said to stifle business. The opposite is happening for legal services providers in response to the General Data Protection Regulation (GDPR), which will kick in next year.
The GDPR changes how companies that do business in Europe can share and store personal data. It is also providing a glimpse into what a legal services market looks like when alternative providers compete head-on with law firms. Both are harnessing technology to help clients stay away from the teeth of the data privacy regulation: a fine that can be as large as 4% of a company’s annual revenue.
