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As law firms endeavor to survive in an increasingly competitive world, one strategy picking up steam is the law firm merger. 2018 was a banner year for mergers as firms moved at a rapid pace to complete more acquisitions than in years prior. Some advisers point to the challenges that small law firms are currently facing amid all of the changes in traditional ways of practicing law, such as automation of many legal services and downward fee pressure as reasons for the uptick in M&A activity. Artificial intelligence, for example, is making an impact in law firms as this new technology is reducing the need for hundreds, or in some cases, thousands of hours that would otherwise be spent by young attorneys performing document review tasks.
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Revolutionizing Revenue: How 'Invoice to Cash' Innovation Rescues Firms from Billing Woes
By Milan Bobde
More and more, firms are understanding that it’s the firm’s ability to convert its agreed rates through billing and collections to collection realization that really counts. So why is it such a challenge for firms to solve it?
AI, the Billable Hour and Improving Client Service
By J. Mark Santiago
The ultimate guardian of the quality of client service is the partners’ own judgement but properly utilizing AI can set expectations that will benefit the clients and the firm and end forever the “End of the Billable Hour” stories.
Need to Do More with Less? CRM Could Be the Key
By Chris Fritsch
CRM is foundational to the success of marketing and business development teams because it is precisely the tool that allows the firm to efficiently manage and nurture client and prospect relationships.
Leading Legal Department Trends for 2024
By Wendy King and David Horrigan
Recent research based on interviews with chief legal officers around the globe found that the increased scope and scale of risk now facing corporations is driving change in how legal teams set their strategies, leverage technology and manage operations.