2020 Tech GC Report: Key Insights from Wilson Sonsini and Cimphony

The 2020 Tech GC Report, published by Wilson Sonsini and Cimphony, provides valuable insights into the current state of the tech industry. The report highlights the challenges and opportunities facing general counsel (GCs) in the tech sector. In this article, we'll dive into the key findings of the report and explore what they mean for tech companies and their GCs.

The report surveyed 150 GCs from tech companies with a focus on their experiences, challenges, and priorities. The survey found that 71% of GCs believe that the tech industry is becoming more complex, while 64% believe that the industry is becoming more regulated. These findings suggest that GCs are facing increasing pressure to navigate complex legal issues and regulatory environments.

One of the key challenges facing GCs is the need to balance innovation with risk management. The report found that 62% of GCs believe that innovation is essential to their company's success, while 55% believe that risk management is also essential. This suggests that GCs are struggling to find the right balance between encouraging innovation and mitigating risk.

Another challenge facing GCs is the need to adapt to changing regulatory environments. The report found that 58% of GCs believe that regulatory changes are having a significant impact on their company's operations. This suggests that GCs need to be proactive in staying up-to-date with regulatory changes and adapting their legal strategies accordingly.

The report also found that GCs are prioritizing certain areas of focus. The top three priorities for GCs are:

• Compliance and risk management (44%)
• Innovation and growth (34%)
• Cost reduction and efficiency (23%)

These findings suggest that GCs are focusing on ensuring compliance and managing risk, while also prioritizing innovation and growth. However, they are also recognizing the need to reduce costs and improve efficiency.

In conclusion, the 2020 Tech GC Report provides valuable insights into the current state of the tech industry and the challenges facing GCs. The report highlights the need for GCs to balance innovation with risk management, adapt to changing regulatory environments, and prioritize certain areas of focus. By understanding these challenges and priorities, GCs can better navigate the complex legal landscape and support their companies' growth and success.