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What Law Firm Bus Dev Teams Can Learn from the Fortune 500
Of all areas within the law firm, marketing and business development (BD) is one of the top areas impacted by the significant market challenges occurring over the past couple of years. Productivity has been down since Q4 of 2022 (see, Thomson Reuters 2023 State of the Legal Market Report) and uncertainty in the geo-political landscape has caused business across verticals to slow, which has placed enhanced pressure on marketing and BD to win more business. At the same time, rising internal expenses — primarily driven by surging associate compensation — is straining marketing teams to do more with less to protect margins.
2023 also added significant market "churn," as half of corporate clients consider changing firms. This surge in competition came with an accompanying increase in Requests for Proposals (RFPs) adding pressure for marketing and business development to increase output; added too was a surge in mergers and acquisitions in 2023, with 41 mergers compared to 37 and 33 in 2022 and 2021, respectively. See, "It's Not Your Imagination, There are More Law Firm Mergers in 2023," Above the Law, October 2023. This uptick was driven by firms seeking to increase scale in strategic markets to capture needed revenue as productivity dipped or new practice areas to balance out those that were languishing.
And of course, in 2023, generative AI emerged as a significant disruption to law firms and especially to their marketing and business development professionals. While law firms grapple with leveraging its power in a compliant manner, defining necessary policies, accessing expert talent to lead AI innovation, expectations of marketing and BD teams has been reshaped overnight.
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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
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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.