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Utilizing Key Performance Indicators (KPIs) in a law firm is crucial for evaluating performance, profitability, client satisfaction, and overall success. Understanding which attorneys are the most profitable, which matters are the most lucrative, and the cost of acquiring new clients is crucial for making informed business decisions.
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In the ever-evolving legal landscape, mid-size law firms find themselves at a critical juncture. Seismic shifts, accelerated by the pandemic, have reshaped the very fabric of our industry. Now, more than ever, agility, innovation, and a steadfast commitment to meeting client needs are not just desirable traits, but essential for business survival.
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Maintaining consistent communication with clients can be time-consuming for most law firm professionals. Balancing this task with other competing responsibilities becomes challenging when case management, administrative duties, and strategic planning also demand the lawyer's attention. The time has never been better for firms to start introducing technology, like AI, to improve their overall business.
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State law bar associations mandate Continuing Legal Education (CLE) for attorneys to ensure that legal professionals remain informed of the evolving laws and to maintain a high standard of professional competence. Unfortunately, "how to be successful" is not taught in law school nor approved as a CLE topic.
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Results from American Lawyer's Diversity Scorecard The pace of growth slowed for representation of diverse attorneys in 2023, but every underrepresented group still made gains.
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The DOJ's Cyber-Fraud Initiative's results and DOJ's guidance on corporate compliance have made the point to government contractors and corporate America — "now is the time to invest and reinvest" in cybersecurity compliance.
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Traditional metrics that once defined the effectiveness of help desk operations within law firms are undergoing a profound transformation. The new era places user sentiment and new delivery models at the forefront of service as a quicker "get back to work" mentality coupled with a technology-savvy generational shift. As a result, the gauges we use to measure customer satisfaction have changed and are shaping the overall future success of the legal tech support ecosystem.
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Part Two of a Two Part Article Part 1 of this article looked at how remote flexibility is driving job seekers, that most privacy programs will use contractors by 2026, the speed of hire, the real cost of DIY staffing and whether posting jobs online really works. Part 2 looks at what's next for CPOs, AI jobs in privacy, where the new jobs will come from, whose salaries are spiking and some guidance for the latter half of 2024.
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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.
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Each stage of an attorney's career offers opportunities for a curriculum that addresses both the individual's and the firm's need to drive success.