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Recent media coverage makes it clear that the time for law firms to embrace the disruption of AI is now. If you wait, from the looks of it, you risk losing business, and perhaps credibility.
|An article published in Corporate Counsel on June 6th featured quotes from leading legal operations thought leaders suggests corporations are rapidly beginning to keep more legal work in-house, relying on learning AI tools internally rather than on the work of outside counsel to complete tasks such as legal research and contract review.
Part of the movement is driven by a reassessment of the value that law firms offer: Are they actually using AI? If they are, are they milking the hourly clock? And what about quality control?
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During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
What Law Firms Need to Know Before Trusting AI Systems with Confidential Information 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.
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.
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Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.