Practice Management

Pressure on margins has become more acute for many SME law firms over the past year but optimism about the future remains high, according to new research.

Small law firms have embraced artificial intelligence, with document drafting or automation the most popular application, according to new research.

Four out of 10 law firms increased revenues above inflation in the last financial year, while 89% expect revenue to go up in the current year, research has found.

Three-quarters of law firms and in-house legal departments have found it difficult to hire staff in the last 12 months, new research has found.

There is “an emerging class” of law firms among the top 100 which have adopted brands “evoking emotional buy-in and defining themselves as social and client champions”.

A law firm is using teams of trainee solicitors to find problems that can be solved by artificial intelligence, develop solutions and present them to managers.

Mental health challenges are costing large law firms millions of pounds every year and reducing productivity by 19%, a report has indicated.

Lawyers’ approach to wellbeing should form part of their performance assessments, while firms should have “open and honest discussions” with clients about mental health.

The majority of large law firms outside of the top 10 are negative about the impact of generative artificial intelligence on their practices, new research has shown.

The traditional partnership model is losing its grip on solicitors, according to the boss of a private equity-owned firm who says it has been able to do things it could not before the takeover.