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Top 7 Reasons Firms Are Leveraging Experience Data
The competition for outside legal services has never been more intense. 50% of buyers have adjusted their law firms in the last 12 months, and that will continue through 2023. See, 2023 Thomson Reuters State of the Legal Industry. Shrinking demand translated into a productivity loss totaling, on average, a $98,000 loss in fees per lawyer as compared to a similar lawyer in 2007.
Add to this an expanded playing field of competitors that now include an array of midsize law firms, boutique and specialty firms, accounting firms, new law companies, and the proliferation of other, well-funded alternative legal services providers who are taking significant client and market share away from traditional law firms. See, 2023 Alternative Service Legal Providers Report from Thomson Reuters.
Looking forward, firms appear to be counting on rate increases to maintain profitability, but there are signs that clients are likely to be more resistant to further rate hikes as payments slow down and realization was in decline at the end of 2022. See, 2023 Thomson Reuters State of the Legal Industry.
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Overview of Regulatory Guidance Governing the Use of AI Systems In the Workplace
Businesses have long embraced the use of computer technology in the workplace as a means of improving efficiency and productivity of their operations. In recent years, businesses have incorporated artificial intelligence and other automated and algorithmic technologies into their computer systems. This article provides an overview of the federal regulatory guidance and the state and local rules in place so far and suggests ways in which employers may wish to address these developments with policies and practices to reduce legal risk.
Is Google Search Dead? How AI Is Reshaping Search and SEO
This two-part article dives into the massive shifts AI is bringing to Google Search and SEO and why traditional searches are no longer part of the solution for marketers. It’s not theoretical, it’s happening, and firms that adapt will come out ahead.
While Federal Legislation Flounders, State Privacy Laws for Children and Teens Gain Momentum
For decades, the Children’s Online Privacy Protection Act has been the only law to expressly address privacy for minors’ information other than student data. In the absence of more robust federal requirements, states are stepping in to regulate not only the processing of all minors’ data, but also online platforms used by teens and children.
Revolutionizing Workplace Design: A Perspective from Gray Reed
In an era where the workplace is constantly evolving, law firms face unique challenges and opportunities in facilities management, real estate, and design. Across the industry, firms are reevaluating their office spaces to adapt to hybrid work models, prioritize collaboration, and enhance employee experience. Trends such as flexible seating, technology-driven planning, and the creation of multifunctional spaces are shaping the future of law firm offices.
From DeepSeek to Distillation: Protecting IP In An AI World
Protection against unauthorized model distillation is an emerging issue within the longstanding theme of safeguarding intellectual property. This article examines the legal protections available under the current legal framework and explore why patents may serve as a crucial safeguard against unauthorized distillation.