The Future of Legal Pricing: Can AI Finally Disrupt the Billable Hour?
Source: Bruce MacEwen & Janet Stanton of Adam Smith Esq. For over half a century, the billable hour has been the dominant pricing structure in legal services, despite mounting criticism. Key objections have centred around its misalignment with client interests, arbitrary rate-setting, and lack of correlation between time spent and value delivered. Clients often desire […]
How Legal Tech Is Driving Cost Savings in Corporate Legal Departments
Source: CLOC Legal technology has become essential for corporate legal departments aiming to optimize their spending and drive efficiency. According to a Legaltech report, legal departments increasingly see tech solutions as critical to achieving these goals, with 78% of them labelling legal technology as a “must-have.” As businesses strive to become leaner, legal technology is […]
Unleashing the Legal Department’s True Value: From Cost Center to Business Catalyst
Source: Forbes The legal function’s contribution to a business often goes unrecognised, limited by a narrow focus on cost and internal efficiency. Traditionally seen as a cost centre, the true potential of legal departments is far greater when measured by customer-centric and enterprise-aligned metrics. By applying the right business metrics, legal can become a proactive […]
The Fable of StarBucks
Source: Adam Smith, Esq. Few brands are more prominent in our daily lives (well, at least if you’re a Western world urban dweller) than Starbucks. Its rise to prominence has become standard-issue corporate lore: From its single Seattle store founding in 1971 to Howard Schultz’s acquiring it and spreading it explosively worldwide. But you don’t […]
The Impact of AI on Legal Operations Jobs
Source: CLOC Artificial Intelligence (AI) is transforming knowledge-based professions, and legal operations are no exception. As legal departments grapple with increasing workloads and tight budgets, AI offers a way to enhance efficiency and effectiveness without the need for additional human resources. This blog post explores the implications of AI for legal teams, careers in legal […]
Can Something Be Irresistible and Irrational at the Same Time?
Source: Adam Smith, Esq. This article examines the intriguing paradox where certain decisions or desires are both irresistible and irrational. It delves into how human behavior often defies logic, driven by deep-seated emotions and impulses. The author uses examples like luxury purchases or speculative investments to illustrate how people knowingly engage in actions that may […]
Breaking The Chains Of Hierarchy: Why ‘Nonlawyer’ Must Go
Source: Above the Law The legal profession has long been plagued by hierarchical divisions, with the term “nonlawyer” contributing to a culture that devalues the roles of professionals who are not attorneys. This label perpetuates an outdated mindset that undermines the crucial contributions of individuals like paralegals, legal technologists, and business strategists. As the article […]
Creating A Gen AI-Era Legal Function What It Means, Why It Matters, And Where To Start
Source: Forbes, Author: Mark Cohen, CEO of Legal Mosaic, a legal business consultancy. A MUST read article by Mark Cohen for all inhouse counsels, legal ops and private practice lawyers who genuinely aspire to help their clients. The article is full of gems and thought provoking comments. Well done and many thanks Mark. The Pandemic accelerated the transition […]
Where procurement is going next
Source: McKinsey Anyone who has tried to buy a new car in the past 24 months understands the importance of an effective procurement capability. The coronavirus pandemic disrupted industries around the world, but the global automotive sector suffered perhaps the biggest hangover. As demand plummeted in 2020, automakers slashed production and cut orders for parts. When […]
Why Does Intake Matter? It’s the Future of your Firm
Another good article from Janet Stanton, Partner, at Adam Smith, Esq. on the power for any law firm invited to pitch to say NO to an existing or prospective client. This is where in my view business developement team in law firms should act as main gatekeepers and reiterate the firm’s strategy so long as […]