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The legal industry has undergone significant changes over the years with advancements in technology, shifting client expectations and increased competition driving firms to adapt and evolve. And while legal marketing and business development departments have transformed over as well, there is still much room for improvement to capitalize on the tremendous talent that exists within these teams.
As firms strive to remain competitive in an increasingly crowded marketplace, marketing and business development professionals can and should play a critical role in driving growth and helping generate revenue.
To gain insight into the current state of legal marketing and business development, a survey was conducted by Society 54, ALM and By Aries. The survey focused on several key areas, including structures and budgets, sentiment and compensation, business development activity trends, threats, obstacles, collaboration and evaluation metrics.
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In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
To gauge the level of risk and uncover potential gaps, compliance and privacy leaders should collaborate to consider how often they are monitoring third parties, what intelligence they are gathering with and about their partners and vendors, and whether their risk management practices have been diminished due to cost and resource constraints.