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With the rise of generative AI, legal, knowledge is becoming worth less, and will become worthless. If GenAI-empowered clients won’t need to buy knowledge from lawyers, what will they buy?
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The qualities that matter most to corporate leaders typically relate to partnership, service, and transparency. Legal teams incorporating these traits more comprehensively into their representation will stand out and create a competitive advantage in 2025, particularly given the heightened preferences for automation and self-service options.
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By all measures, Big Law saw more events and trends in 2024 than the legal industry may have seen in years. But was all that change in 2024 welcome, and what are law firm expectations for 2025?
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Positive 2024 financials in Big Law will likely lead to more cash flow that should be available for law firm innovation, industry analysts say. In particular, law firm leaders are looking to 2025 to further leverage generative artificial intelligence to transform their business.
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While there has been a slow pivot toward alternative fee arrangements in the last decade, many firms still cling to the tenet of the billable hour, even as artificial intelligence reimagines its contours.
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The legal industry is at an inflection point, grappling with challenges that range from rising client demands to technological disruption. There are five critical areas where firms can take a proactive, strategic approach, including actionable insights and recommendations for navigating 2025 and beyond.
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As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.
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With law firms continuing to face heightened market and industry pressures, business development is essential for both law firm growth and individual lawyer success. However, coaching lawyers to become effective rainmakers presents unique challenges.
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Law firm operations are different now. Obviously, the biggest impact of COVID has been the inception and continuation of the hybrid work environment. This has been a kick in the pants for law firms to migrate to a digital working environment
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Getting new business doesn't always involve knocking on doors. It can often be gained by whispering in the right ears.