The Digital Transformation Journey: Lessons For Lawyers Embracing AI
Quote from Olga’s excellent article on the use of AI in the legal industry: “As we move further into the AI era, the enhancements in predictive analytics, document automation, and legal research will make the “good old days” of even the early digital age seem quaint.” and that “the essence of our profession isn’t in […]
Practice Innovations: How law firms can get started with AFAs and subscription pricing models
Via William Josten. Senior Manager, Enterprise Content – Legal, Thomson Reuters Institute Aaron Boersma from Google on AFA: “[Partners in law firms] must consistently make sure that the current workload across their teams is in line with the underlying statement of work. Doing this well takes work — hours that aren’t necessarily going to be […]
AI and the practice of Procurement – Contracting and Legal
AI and legal: for Stuart Brock, founder of iKinetiq, it all boils down to the following: ““GenAI is not ready for unsupervised application right now. And the reason for that is simple: we currently do not have consistent standards to monitor output and authenticate the underlying models and data sources.” and concludes by saying : […]
Modernize your procurement practice
2 quotes from the recent “Amazon Business 2024 State of Procurement Report,”: ” 95% of surveyed business decision-makers acknowledge that there’s room for procurement optimisation” and “98% of respondents are planning investments in analytics and insights tools, automation, and artificial intelligence (AI) for their procurement operations …” Optimisation, analytics and automation are key USPs of […]
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 […]