Practice Management
Client account interest helps small firms deal with margin pressure
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 embracing AI as they move away from hourly billing
Small law firms have embraced artificial intelligence, with document drafting or automation the most popular application, according to new research.
Strong results for law firms despite high inflation
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.
Most law firms and in-house teams struggling to recruit
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.
Top law firms embrace branding with “emotional buy-in”
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”.
Law firm uses trainees to find problems and solve them with AI
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 “costing large law firms millions”
Mental health challenges are costing large law firms millions of pounds every year and reducing productivity by 19%, a report has indicated.
Make wellbeing “part of lawyers’ performance assessments”
Lawyers’ approach to wellbeing should form part of their performance assessments, while firms should have “open and honest discussions” with clients about mental health.
Large law firms negative about impact of GenAI on finances
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.
Traditional partnership losing appeal, says boss of PE-backed firm
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.
Blog
Could unpredictable AI costs finally lead firms to true value pricing?
For years, the legal profession has talked of moving away from the billable hour to value-based pricing without quite managing it.
Is your Google Ads budget funding your competitors’ AI visibility?
If your cost-per-click has crept up again this year, you’ve probably assumed the market simply got more expensive. That’s the wrong way to read what’s happening.
Containing the spread of unapproved AI
Nearly 60% of fee-earners admit to using unapproved tools (like free versions of ChatGPT). Yet 68% of firm leaders are confident there is zero risk of unapproved AI being used for client work.
Reports
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