A new private-sector survey of large companies making consumer products showed their greatest concerns are exposure to litigation, followed by protection of brand equity and privacy/data security issues.
“The report, “Legal Risks to Consumer Products Companies in 2018,” includes responses from around one-fifth of all US consumer products manufacturers with revenues of at least $250 million,” according to a release. “These companies produce a wide range of consumer goods – including smartphones and other devices, food and beverage products, apparel, cosmetics and business supplies.”
The survey of senior in-house counsel at consumer products companies was commissioned by law firm Morrison & Foerster.
According to the release, other findings include:
• The top three areas expected to spur the most new legal activity are data privacy, product liability, and regulatory/compliance.
• The economy will be the most important driver of change for consumer product companies in 2018, according to a large majority (78%) of respondents. Closely following were government regulatory changes (71%) and technological advancements (59%).
• 42% of legal departments expect increased litigation costs in 2018, with jumps of 5-11% or more.
An accompanying infographic is available here.
The report also looks at how the Internet of Things is seen as creating a more complex landscape for companies.