Extract from Doug Austin’s article “Recession is Coming (Probably) Outsourcing May Be the Way Through”
Don’t shoot the messenger, but (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.
Sorry if I’m being a “Debbie Downer”, but those are trends that give me pause. Since this is an eDiscovery blog, I’ll discuss the issue in terms of how it impacts eDiscovery, what you need to know, and how you can respond to these challenging economic times. I’m anticipating the questions you might be asking and providing answers to address those questions that (I think) you may have.
Is the Recession Extending to the eDiscovery Industry?
It 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.
