Unlocking efficiency in procurement with cutting-edge automation
By TechBullion, James Andrew Automation in tandem with AI will transform how goods but ultimately also professional services are procured. In the sprawling digital landscape of today’s business world, the push toward operational efficiency is more pronounced than ever. Companies are on a continuous quest to streamline their processes, cut down on inefficiencies, and elevate […]
The Disconnect Between Law Firms and Clients on Use of Gen AI
By Geoffrey D. Ivnik, Esq. | Director Large Markets, LexisNexis Another survey from Lexis Nexis, highlights being a disconnect between a large majority of corporates expecting Gen AI to reduce their legal bill, and allowing their law frims to use Gen AI in their work. Another intersting outcome is that 72% of corporates predict to in […]
Do Small In-House Legal Teams Use Contract Management?
Source: Xakia tech Most investment funds’s legal team are lean and many not larger than approx. 10 FTE for the smaller funds. Interesting to read in Xakia’s article that the need for contract management’s does not depend on the size of the department but is looked at as productivity imperative. The nature of the work […]
Does the billable hour defeat purpose?
By Legal Futures Associate MLT Digital For lawyers working in private practice it seems that billable targets are the cause of stress and possibly lack of time to nurture client relationships rather than the billable hour system per se. And yes, AFAs are rising fast but law firms still use internal time sheets notwithstanding. Are law firms’ billing […]
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 will impact due diligence in M&A transactions
Excellent article by Marc Vogelsang on AI and due diligence. AI could become a game changer for both buyers and sellers (VDR preparation). Outside in buyer dd could also benefit from AI. AI generated summaries of lengthy docs would also speed up due diligence. Human and AI working together would also further speed up first […]
The Future Of Legal Software: Balancing Innovation And Legal Boundaries
A very balanced article by Olga v Mack full of wisdom. I would challenge the following assertion: “Technology should be seen as a tool that augments the skills of legal professionals, not as a standalone solution that makes legal decisions.” In many areas where risks are low (think NDA review), tech alone could make legal decisions.
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 […]
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.