China decoupling will continue for Western law firms in year ahead
WarwickPlace Legal’s Robert Bata wraps ups his predictions for 2024 with a look at how legal industry trends will pan out in Asia, the Middle East, Africa and Latin America.
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.
Legal Leaders Exchange: Procurement’s contribution to budgeting and spend control
The partnership between in-house and outside counsel is crucial to law department success. When communication is good, the attorneys on both sides of the relationship work well together toward common goals on their matters.
Legal department priorities from TRI annual report
Corporate legal priorities are shifting around the globe. The Thomson Reuters Institute spoke with over 1,500 corporate legal professionals from companies with over $1 billion in global revenue to learn about changing law department priorities and outlooks.
EU tech rules will create clicks, not competition
European Union watchdogs are so frustrated with Big Tech dominance they have turned their traditional approach to regulation on its head.
The BigLaw Firms Using AI LegalTech to Redefine Legal Practices
Allen & Overy and other biglaw firms are using AI LegalTech Tools and related law technology tools to push a technological revolution in the legal profession that will transform how legal services are prepared and delivered.
5 Opportunities In Legal Tech For Innovative Startups
The legal tech landscape is experiencing unprecedented growth, with the global legal tech market measured at USD 24.62 Billion in 2022 according to Spherical Insights & Consulting. Thanks to the disruptive analytical, predictive, and generative power of AI in informationally complex fields such as law, this number is very likely to grow exponentially in the next decade.
Nearly 90% of in-house lawyers are dissatisfied with their jobs, survey finds
A growing percentage of in-house attorneys also are seeking new roles, including at law firms, according to a report from legal talent provider Axiom.
Law’s 2023: AI Is Just Part Of The Story
Artificial intelligence (AI) has been the big legal industry story of 2023, and there are a legion of reasons why. Generative AI’s rapidly expanding capability to perform many legal tasks will impact delivery structures, economics, talent, education, training, career diversification, regulation and compliance, commercial transactions, and dispute resolution.
With AI presenting an opportunity to finally ensure the profitability of AFAs, law firm leaders are actively collaborating with external AI partners and making tech hires
The exponential rise of generative AI is causing seismic changes in the legal profession. Princeton University concluded in a survey undertaken this year that legal services are set to be the most drastically impacted by generative AI. Indeed, artificial intelligence poses both the biggest threat, and opportunity, that law firms have ever faced. Those who navigate the risk, make quick decisions, and leverage the technology to their advantage, will ride both the immediate wave of success and come out on top in the long-term.