Current restrictions constrict access to capital and stifle the innovation needed to rise to these challenges. They also hinder recruitment by preventing firms from offering equity stakes or profit-sharing options that top talent, lawyers or not, demands. Worse, they breed insularity. No other sector dismisses highly valued experts, for example, in finance, marketing and technology, by defining them by what they are not — “non-lawyers”? We should stop.
Legal spend has become a core business issue that now shapes financial planning, operational decision making and risk management. What once lived primarily in the legal department has become a shared responsibility across client legal, finance, and operations teams and their outside counsel.
Many law firm leaders insist that artificial intelligence has no place in their businesses; however, common applications employed daily may be using AI without them knowing. This phenomenon, often referred to as “shadow AI,” highlights a growing risk for firms that have yet to develop comprehensive governance strategies for artificial intelligence.
Formal requests for proposals for in-house legal work are surging in popularity, but their effectiveness still comes down to whether legal teams are using them strategically — or just filling out spreadsheets.
The legal market finds itself at a crossroads as rate volatility, reputational premiums and the increased impact of artificial intelligence are expected to reshape the rules of client engagement in the coming year, according to a new report by Wolters Kluwer.
In a legal marketplace transformed by technology, heightened client expectations, and fierce competition, law firm leaders must approach strategy with rigor and clarity. The following questions, accompanied by relevant statistics and explanations, offer a focused guide for uncovering opportunity and driving sustainable growth.
The difference between technology investments that succeed and those that fail may have less to do with the tools themselves than the operational foundation beneath them.
The firms investing in administrative strategy — and in the people who embody it — continue to be the ones turning innovation into true competitive advantage.
Private equity companies, which have successfully made inroads into the legal industry, are now considering funding lateral partner moves to bring top rainmakers to midtiered firms that might not otherwise have the compensation flexibility to land top names, experts say.
By definition, equity partners are law firm owners and investors, share in the profits, and are collectively responsible for overall strategy and management. Yet, when only a handful of people are involved in a monumental decision such as a merger, it’s clear that the definition of “partnership” has changed.
