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How to Build the Law Firm of the Future
In the Greek myth, Scylla and Charybdis were maritime hazards located close enough to each other that avoiding one meant passing too close to the other and falling victim to its dangers. This is not so unlike the increasing number of challenges set before law firm leaders as they try to navigate through what seems to be an increasingly perilous landscape rife with opposing hazards.
It is more expensive to operate a law firm than ever before, but demand and productivity are declining. To compensate and maintain profitability, rates are increasing, but Chief Legal Officers (CLOs) — under tremendous budgetary pressure — have set reducing outside counsel spend, right sizing legal services and cost minimization as top strategic objectives in 2023. See, 2023 ACC CLO Survey.
The vast majority (86%) of lawyers prefer working from home (see, 2023 Thomson Reuters State of the Legal Industry Report); almost half of all junior lawyers may leave a firm for a better WFH policy (see, "Where Does the Legal Profession Go From Here," ABA (Sept. 2022), but leadership fears of loss of firm culture and disengagement are driving an increase in RTO mandates (see, "A Huge Concern: Big Law Leaders Grappling with Attorney Disengagement," The American Lawyer (June 22, 2023). To compensate, firms are now placing an ever-increasing focus on how, where and what their real estate looks like, transforming their office spaces, increasing amenities and luring professionals back in a "flight to quality," but space utilization still hovers around 50%. See, Cushman & Wakefield 2023 Bright Insights.
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Bonus Content: How Emerging Technologies Are Impacting IP: A Chat With Legalweek Speaker Ryan Phelan
A Q&A with conference speaker Ryan Phelan, a partner at Marshall, Gerstein & Borun and founder and moderator of legal blog PatentNext, to discuss how courts and jurisdictions are handling novel technologies, the copyrightability of AI-assisted art, and more.
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.