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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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End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.
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Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.
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Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.