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.
How AI Is Transforming The Legal Profession
Source: Above the Law On the impact of AI, from the numerous gems of Thompson Reuters excellent report about the future of the professionals, I would higlight the following: “Nearly half (48%) of professionals predicted that lower costs for firms, resulting from AI use, would lead to greater firm profitability” with however ” several factors […]
Building Trust In Legal Software: Transparency And User Education
Source: Above the Law by OLGA V. MACK In the digital age, the legal industry has witnessed a significant transformation, largely driven by advancements in legal software. This change, while innovative and efficiency-enhancing, brings with it a new challenge: building trust. Trust in legal software is not just a matter of reliability or performance; it’s […]
Mid-Sized Firms Have Lagged Behind In Tech… But Why?
Source: PYMNTS Yesterday we delved into the plight of mid-sized firms working harder and still ending up failing to transform a lot of that work into cash. We suggested that the sector’s reticence to adopt the latest in legal technology might be a big part of the problem. But maybe there’s something else behind the tech […]