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 […]
If Supply Grows Faster Than Demand,…
By Adam Smith Esg. Commentary by Jonathan Selvadoray Another excellent article by Adam Smith Esq. that highlights that while the legal market stagnates the best US law firms metrics are growing across the board (worked” rate and “fees worked” rate growth, productivity and lawyer headcount growth). Will we be witnessing consolidation of the market at […]
Rethinking The Ticking Clock: Damian Guzman’s Crusade Against The Billable Hour
Does the hourly rate “perpetuates unfairness, overwork, and inefficiency”? Damian Guzmans articulates his views in his interview with Olga Mack from Above the Law. The article: Welcome to a transformative discussion with Damian Guzman, a visionary in the legal field who is boldly challenging the entrenched traditions of the billable hour system. In this in-depth interview, […]
2024 State of the UK Legal Market report: Cautious positivity and changing risks
Source: Reuters As legal demand in the UK market continues to recover, law firms and their corporate clients are facing additional challenges and opportunities around AI and ESG Following a pattern set in 2022, corporate clients based in the United Kingdom started 2023 on a generally positive note, with nearly half predicting an increase in […]
Future of Professionals Report – Asia & Emerging Markets
Thompson Reuters Asia & Emerging Markets report on the future of professionals: You are not alone. It’s not only about legal professionals in law firms or in house, tax, accounting, global risk and compliance professionals also face the same challenge. Interesting chart on what do professionals want from AI. Work product creation followed by reduction of admin are […]
From the Minds of General Counsels in 2024: Six Key Takeaways
Excellent survey from Axiom, here’s the key takeaways: On budget: ” Savvy legal departments are working more collaboratively with their CFO and finance departments than ever. […] You may not have brought money in, but you really need to show the money you were able to keep for the company versus pay out because that’s […]
The Client Service A-Team: Ranking The Biglaw Superheroes Of Client Service (2024)
Via Above The Law Well done to those top firms! Seems from the BTI report that what makes them different from the rest is that “these firms are investing heavily in client service. They know the payback dwarfs the investment — whatever the economy and market say — they are all in. And, they are […]
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 […]