ARLINGTON, Va. and PORTSMOUTH, N.H., April 5, 2016 /PRNewswire-USNewswire/ -- More than three quarters of privacy professionals working in corporations rely on outside legal counsel for assistance with privacy — and data protection related issues — and plan to spend more money on them in the future — according to a new survey of privacy professionals based primarily in the U.S. and Europe, commissioned by Bloomberg Law and conducted by the International Association of Privacy Professionals (IAPP). In fact, only eight percent of those polled predicted a decrease in their corporation's budget for outside privacy counsel in 2016. The full study, titled "The Market for Data Privacy Legal Services," can be found at http://about.bna.com/blaw-iapp-privacy-legal-services/?promocode=BLPV174AA.
"Between the devastating damage that can be inflicted by a single data breach and the increasingly complex task of regulatory compliance, corporations are well aware of the need for experienced legal counsel in the privacy space," said Alex Butler, Vice President and General Manager of Privacy & Data Security at Bloomberg Law. "The fact that most see themselves devoting more resources to outside counsel in 2016 reflects the increasing importance they place on managing privacy and data protection properly."
In September, Bloomberg Law launched a new, innovative tool — Bloomberg Law: Privacy & Data Security — for attorneys, in-house counsel, and compliance professionals whose work touches on this area of exponential growth and concern. In response to the EU's new General Data Protection Regulation (GDPR), Bloomberg Law has added a novel enhancement to its existing tool to assist professionals in understanding the multi-year GDPR adoption process and managing GDPR compliance. This unique resource provides deep analysis and research on legislative history, implementation milestones, trends in regulatory scrutiny, and all issued guidance and decisions. It also includes links to relevant news and editorial content.
"As this survey demonstrates, corporations recognize that they require a variety of supporters, both internal and external, to help manage the risks and opportunities of today's data-driven marketplace," said J. Trevor Hughes, CIPP, President and CEO of IAPP. "This particularly holds true when dealing with the legal complexities of privacy and data protection."
Among survey participants, 86 percent expressed a belief that their outside legal counsel is worth the investment. The survey also found that in selecting a law firm, respondents consider experience a primary factor — they want their attorneys to be thought leaders in privacy (72 percent), have relationships with regulators (69 percent), and know how to handle a data breach (65 percent). Respondents also indicated that they are willing to pay outside counsel a premium for skill in litigation (43 percent) and interacting with regulators (39 percent).
To ensure that legal service providers have the desired experience, corporations are turning to firms dedicated to privacy. Nearly a quarter (22 percent) of U.S. companies use a boutique firm, and outside the United States that number rises to 29 percent. When working with full-service firms, 81 percent of companies want to see a dedicated privacy team.
The survey results are based on the responses of 181 privacy professionals, two-thirds of which were U.S.-based, with the remaining working mostly in the EU (20 percent) and Canada (six percent).
Bloomberg Law will debut the new EU GDPR technology, and formally announce the survey results, at the 2016 IAPP Global Privacy Summit in Washington, D.C. on April 5-6. Copies of the survey and information on the new tool will be available at Booth #22.
For more information on Bloomberg Law: Privacy & Data Security and to request a free trial, visit http://www.bna.com/bloomberg-law-privacy-data-security/?promocode=BLPV178AA. Existing Bloomberg Law subscribers can access Bloomberg Law: Privacy & Data Security free of charge with their subscriptions.
About Bloomberg Law
Bloomberg Law is an all-in-one technology platform that helps law firms grow their top line revenue, provide world-class counsel by getting the right answer fast and efficiently, and maintain and increase their profitability. This is done through a combination of proprietary market data, trusted content and legal analysis, and innovative technology—together enabling and accelerating client growth, client excellence, and client profitability.
About Bloomberg BNA
Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance. Bloomberg BNA's authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety.
The International Association of Privacy Professionals is the world's largest association of privacy professionals with more than 25,000 members across 83 countries. The IAPP is a not-for-profit association that helps to define and support the privacy profession globally. More information about the IAPP is available at www.iapp.org.
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SOURCE Bloomberg BNA; International Association of Privacy Professionals (IAPP)