Biglaw’s 2025 Rate Hikes: The Great Pricing Puzzle
Source: Above the Law As 2025 approaches, general counsel are facing what can only be described as pricing whiplash from major law firms. Some elite firms are pushing for eye-watering rate increases exceeding 30%, while their equally prestigious peers are holding steady with no increases at all. “The market and variation is utterly bewildering,” says […]
The $2000/hr Paralegal Myth: A Wake-up Call for Legal Billing in the AI Era
Source: Above the Law When an AI executive claimed their technology could replace paralegals billing at $2,000 per hour, the legal industry collectively raised an eyebrow. The claim, while immediately dismissed by insiders, accidentally unveiled a deeper truth about the future of legal billing. Let’s address the obvious first: no paralegal bills at $2,000 per […]
AI in Law: Moving Beyond Hype to Practical Transformation
Source: Above the Law The legal industry’s adoption of AI has shifted from speculation to strategic implementation in 2024. With 75% of legal leaders now using generative AI tools, according to LexisNexis research, firms are seeing tangible results – including the reduction of document translation time from hours to minutes. Reshaping Legal Practice Today’s AI […]
Four Pillars for Successfully Implementing Legal Technology in 2024
Source: Above the Law The Foundation for Change The legal industry’s technological transformation demands more than just buying new software—it requires a strategic approach grounded in clear objectives and careful planning. While stakeholder alignment and leadership buy-in remain crucial across all organizations, the path to successful implementation follows four essential pillars that can adapt to […]
UK Legal Departments Pivot to Tech-Forward Budgeting for 2025
Source: Axiom The Recovery Trajectory After weathering severe budget cuts in 2023, UK legal departments are entering a period of strategic growth, with an overwhelming 79% of General Counsel (GCs) anticipating budget increases for 2025. This shift marks a decisive break from traditional approaches as legal teams prepare for an AI-driven future. Following widespread cuts […]
The Legal Landscape Shifts: Cleary Gottlieb Abandons Single-Tier Partnership
Source: Adam Smith Esq, Bruce In a move that signals the end of an era, Cleary Gottlieb has officially abandoned its single-tier partnership structure, embracing the two-tier model that now dominates Big Law. This decision, announced on October 15, 2024, leaves only a dozen single-tier firms in the AmLaw 200, a stark contrast to the […]
Crafting an Effective Supplier Contracting Policy: A Blueprint for Legal Teams
Source: Crafty Fox As organisations grow, implementing a robust supplier contracting policy becomes crucial for legal teams to manage operational risk and allocate resources efficiently. Chris Bridges, Partner & COO at Tacit Legal, outlines five essential ingredients for a successful policy. The foundation begins with clearly defining which contracts fall within the policy’s scope, often […]
Unlocking Cost Savings: The Cloud Revolution in LegalTech
Source: Legalfuture The legal industry is witnessing a paradigm shift in technology infrastructure, with cloud migration emerging as a cost-saving powerhouse for forward-thinking firms. A recent analysis reveals that the hidden costs of on-premises systems often outweigh their perceived benefits, making cloud solutions increasingly attractive. At the core of this transition is the elimination of […]
Considering Ethics when using AI in Law
Source: Crafty Counsel Andy Cooke, General Counsel at TravelPerk, delivered a key insight about the integration of data and AI in legal departments: AI alone won’t take your job, but a lawyer who understands AI will. His message underscored a vital point—embracing AI doesn’t just enhance efficiency but redefines how legal teams operate. Yet, as […]
Balancing Act: Human Expertise and AI in the Future of Law
As artificial intelligence (AI) rapidly transforms the UK legal sector, firms are striving to integrate this powerful technology while maintaining the irreplaceable value of human expertise. The recent LexisNexis survey highlights this balancing act, revealing both enthusiasm for AI adoption and concerns about its impact on traditional legal practice. Laura Hodgson of Linklaters notes that […]