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A Generative AI Primer for Law Firm Marketers ChatGPT can provide a new channel for client engagement and interaction, which can help improve the client experience and drive client acquisition. It also has its pros and cons.
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While General Counsel are becoming involved in more areas of the business, especially as a result of COVID, their core responsibility remains enterprise risk.
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Part One of a Two-Part Article Corporate legal departments are increasingly receiving requests from business clients to use ChatGPT or similar AI-powered tools in their operations. These requests can be urgent, with business clients demanding enablement from legal. This article is in two parts: Part One briefly details what "generative AI" tools like ChatGPT are and provides an overview of key legal considerations, including by looking forward to upcoming AI-specific legislation in the EU and the U.S.
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While the practice leaders, partners and lawyers in a practice know their clients best, they focus most of their time and energy on being legal experts. This is where practice, operations, and firm-level leadership need to provide focus, process and resources to help their legal experts deliver their unique value to clients.
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While the law firm model has historically rewarded inefficiencies, recent trends show that model is reaching its expiration date.
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Uncertain and challenging markets are times when firms and organizations of all types conserve cash. If this can be achieved without cutting needed projects, equipment or services to ensure successful returns to the office, then this is clearly an ideal financial strategy. In fact, leasing and financing not only helps firms conserve cash, but when done right, helps firms also maximize their IT budgets.
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Shifting large IT purchases over to a predictable monthly expense is a pricing model that has taken over most industries with the introduction of cloud services, and this can be a particularly useful model during challenging markets.
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In the uncertain economy that is characterizing the first quarter of the year, there remains a significant emphasis on demonstrating value to secure new resources.
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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.
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Future partners will be identified, developed, and elected from the associate ranks, so they truly represent the future of the firm. Reducing the number of associates from which to choose future partners is a risky undertaking.