How generative AI will transform pricing in law
Source: Lexis Nexis A conflict brews in the heart of the legal sector. Generative artificial intelligence (AI) has arrived and the uptake has been encouraging. Our recent report, Lawyers cross into the new era of generative AI, shows that more than a quarter (26%) of lawyers use generative AI tools at least once per month. Adoption […]
Software cuts quote setup time with AI-supported workflow
Paperless Parts has launched its new AI-supported quote setup workflow, designed to streamline the tasks associated with RFQ intake and prep work. For most shops, the process of preparing to quote involves receiving the RFQ via email or from a supplier portal, logging the RFQ in a project-tracking spreadsheet, downloading files to the estimator’s hard […]
Lawyers Spend Way Too Much Time Dealing With Expenses
Source: Above The Law by Joe Patrice The following chart in Joe Patrice’s article says it all: well done MyCase! The question remains who does the expenses-related admin work for partners all the way to associates: personal assistants or (junior) lawyer him/herself? [copy paste chart “We asked our customers how many hours a month they […]
How Will You Measure Your AI?
Many of the most profitable law firms have embraced alternative fee arrangements. AI is unlikely to bring down the hourly rate model on its own. Competitive tension ensures reasonable pricing and best value while efficiency in service delivery is preserving/increasing law firms’ margins. This is a win win for both corporates and law firms with more cost control predictability for the former.
How AI Is Transforming The Legal Profession
Source: Above the Law On the impact of AI, from the numerous gems of Thompson Reuters excellent report about the future of the professionals, I would higlight the following: “Nearly half (48%) of professionals predicted that lower costs for firms, resulting from AI use, would lead to greater firm profitability” with however ” several factors […]
Building Trust In Legal Software: Transparency And User Education
Source: Above the Law by OLGA V. MACK In the digital age, the legal industry has witnessed a significant transformation, largely driven by advancements in legal software. This change, while innovative and efficiency-enhancing, brings with it a new challenge: building trust. Trust in legal software is not just a matter of reliability or performance; it’s […]
Mid-Sized Firms Have Lagged Behind In Tech… But Why?
Source: PYMNTS Yesterday we delved into the plight of mid-sized firms working harder and still ending up failing to transform a lot of that work into cash. We suggested that the sector’s reticence to adopt the latest in legal technology might be a big part of the problem. But maybe there’s something else behind the tech […]
Banks Tap AI to Navigate Regulatory Maze of Managing Vendor Contracts
Source: PYMNTS Michael Berman, CEO of Ncontracts, told PYMNTS that financial institutions (FIs) are grappling with the increasing burdens of vendor lifecycle management. There can be what Berman termed “dire consequences” for FIs as they navigate contract management with their vendors. With the explosion of technology and digital channels, FIs are interacting with consumers and other […]
How One In-House Team Earned Its ‘Value Champion’ Award
Source: UPLEVEL OPS AND ABOVE THE LAW Looking for operational excellence in the legal landscape? In this episode of the UpLevel View podcast, Audrey Taranto, general counsel of Enstar Group, discusses the initiatives that earned her team an ACC Value Champions accolade. In a discussion with Stephanie Corey, CEO and Founder of UpLevel Ops, Taranto […]
OGC’s Managing Partner On Why An Alternative Approach To The ‘Broken’ Billable Hour Is Needed
Source: Above The Law, Author: Staci Zaretsky Companies are constantly complaining about the high costs of the legal services they need to make their businesses run, and yet each and every year, legal fees get higher and higher. Clients grit their teeth, hand over the cash, and the cycle begins anew. Will Biglaw ever bite […]