Clio’s $1 Billion Bet: Can a Small-Firm Software Giant Crack Big Law’s Fortress?
Source: Business Insider Clio’s $1 billion acquisition of vLex in June marked the largest deal in legal tech history—and a direct challenge to one of professional services’ most entrenched duopolies. Two Different Worlds For nearly two decades, Clio has dominated practice management software for solo practitioners and small firms—200,000 users who often run practices from […]
From Stare Decisis to Foresight: Why the Legal Industry Must Abandon Its Fixed Mindset for the AI Era
Source: Forbes, Mark Cohen The legal profession stands at a crossroads, and according to legal industry expert Mark A. Cohen, the fundamental challenge isn’t technological—it’s psychological. A widening “mindset gap” between business and law threatens not only the legal industry but also the enterprises and society it serves. The Great Divergence Over the past quarter-century, […]
Microsoft Layoffs Hit In-House Counsel – Is AI Disruption To Blame?
Source: Above the Law Talk about how artificial intelligence will someday take lawyers’ jobs has long been dismissed as much ado about nothing — until now. Microsoft has been conducting layoffs across the company globally since mid-May, and while in-house attorneys are typically safe from such employment woes, the rise of AI may be to […]
The Legal Profession’s Defining Moment: Business or Purpose?
Source: Forbes, Mark Cohen The legal profession faces an unprecedented crisis as two forces collide: technological transformation and direct attacks on the rule of law. This convergence has created a defining moment that will determine whether lawyers serve as democracy’s guardians or well-compensated bureaucrats. Two Transformations The first has been gradual: AI and data analytics […]
Pricing strategies for savvy law firms and how to implement them
By Legal Futures Associate 2 quotes to extract from this good article from Legal Future Associates on law firms pricing strategies: “Before any numbers are crunched or strategies are laid out, the keystone to effective pricing in the legal arena is understanding the unique needs of your clients” and ” … 25% surveyed say their […]
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 […]
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 […]
Virtual Law Firms Evolve So Fast They Risk Their Own Destruction
Big Law firms aren’t known as paragons of innovation. Most employ a version of a business model that dates to the early 20th century, known as the Cravath System. But there is a segment of the business evolving on the fly. Here, new law firms pop up from established players all the time. They keep the parts of their old firms that they liked. They change things they didn’t.