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Features
Artificial intelligence is changing how legal work is performed. What’s needed is problem-solving optimism, a clinical appraisal of the firm’s capabilities and economic position, and earnest resolve to change before market pressure forces change under duress.
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Organizations are buying technology but failing at transformation. The difference between the 48% that succeed and the 52% that don’t isn’t the software. It’s how they manage the human side of change.
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Litigation is now digital, but is it more efficient? With hybrid work, AI enhancements, and billions of dollars invested in legal tech, are we achieving the right goals of empowering litigators to spend more time on productive (and billable) work? The answer is clear — and surprising: no.
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Many, but not all, professional associations have a class of membership for people and businesses not holding a license to practice in the field yet do provide services frequently used by members of the profession.
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Current restrictions constrict access to capital and stifle the innovation needed to rise to these challenges. They also hinder recruitment by preventing firms from offering equity stakes or profit-sharing options that top talent, lawyers or not, demands. Worse, they breed insularity. No other sector dismisses highly valued experts, for example, in finance, marketing and technology, by defining them by what they are not — “non-lawyers”? We should stop.
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Legal spend has become a core business issue that now shapes financial planning, operational decision making and risk management. What once lived primarily in the legal department has become a shared responsibility across client legal, finance, and operations teams and their outside counsel.
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Many law firm leaders insist that artificial intelligence has no place in their businesses; however, common applications employed daily may be using AI without them knowing. This phenomenon, often referred to as “shadow AI,” highlights a growing risk for firms that have yet to develop comprehensive governance strategies for artificial intelligence.
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Formal requests for proposals for in-house legal work are surging in popularity, but their effectiveness still comes down to whether legal teams are using them strategically — or just filling out spreadsheets.
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The legal market finds itself at a crossroads as rate volatility, reputational premiums and the increased impact of artificial intelligence are expected to reshape the rules of client engagement in the coming year, according to a new report by Wolters Kluwer.
