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This article lays out a general roadmap for success in modern legal firms through the strategic incorporation of AI technologies.
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The economy, technology, and practice preferences continue to influence a reconfiguration of the corporate legal department in a post-pandemic period.
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Operations leaders are driving efficiencies, helping manage the growth of data, and harnessing the power of digital transformation to fuel business success while minimizing risk. They are also taking on greater roles and helping general counsel shape strategies that include embracing CLM, AI, and other tools to enhance the way their teams work.
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There's a wide range of business benefits to leasing that help firms better manage current market challenges beyond cash management — so we asked our law firm clients what they saw as the most compelling business benefits of leasing in today's challenging economy.
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As a result of the TCJA, the owners of pass-through entities are limited in the amount of state and local taxes they can deduct on their Federal income tax return. In response, over 25 states have enacted pass-through entity tax regimes, which allow the owners of law firms to preserve their state and local tax deduction on their income from the law firm.
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Unlike burnout or "quiet quitting," which arguably stemmed from mostly short-term dynamics, observers point to a collision of current and long-term trends, such as post-pandemic work and generational shifts, that have led lawyers today to be less committed to or fulfilled in the profession as they were a decade ago.
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For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
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For legal stakeholders seeking to take their existing legal operations programs to the next level or start new programs from scratch, there are a few all-too-easy traps that can stunt growth, cost political capital and cause headaches. Having a strategic plan, budget and critical executive buy-in is not enough to avoid these four common issues.
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In an era where the power dynamics in the legal industry are shifting decidedly to talent, a firm's ability to tap into generational differences to invigorate, attract and retain talent is a competitive advantage.
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Strong inventory levels at the end of 2022 helped the law firm industry post moderate average revenue growth during the first quarter of 2023, though the demand environment remains challenging for law firms.