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5 Ways AI Strengthens Client Relationships and Revenue Generation
A recent article published by Law.com on June 6, 2024, "'This Is Your Time': AI Gives In-House Counsel Unprecedented Leverage," covered the keynote panel of corporate counsel at the Legal Innovators' conference. In the discussion, speakers listed several ways that in-house counsel are leveraging AI-tools for research, contract review, building chatbots for to respond to FAQs, and overall maximizing time spent by lawyers and paralegals on other important tasks.
They are also taking a hard look at how outside law firms are leveraging AI in compliance with new State Bar Opinions that remind attorneys of their ethical duties to learn about and use technology, i.e., generative AI, to perform client work in an efficient, secure, and confidential manner. Several panelists commented that they will be reducing the amount of work sent to outside counsel based on what they can do in-house with AI and how law firms are using AI tools.
Client relationships are fundamental to the success of any law firm. While acquiring new clients is exciting, maintaining existing relationships ensures sustained revenue, is imperative to long-term collaborations and enhances the firm's reputation. Regular communication with clients is key. It lets them know you are thinking of them, helps build trust, and strengthens your role as a true partner.
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'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
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.
How Secure Is the AI System Your Law Firm Is Using?
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.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
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.
Compliance and Third-Party Risk Management
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.