Practice Management

Lord Sumption, the outspoken Supreme Court justice, has said he regrets the “growing tendency of would-be lawyers to devote themselves to the study of law from the age of eighteen”. In an ideal world, law should only be offered as a second degree as “the study of a different subject at a formative time of one’s life” was “personally enriching”.

A finance company for law firms has announced that it wants to delist from the stock exchange as it awaits a crucial Supreme Court ruling. It is the first of two Supreme Court cases that focus on interpretation of the minimum terms and conditions for solicitors’ insurance, the second of which was before the justices yesterday.

Offering fixed fees is a sign of entrepreneurial lawyers, according to research among small firms which also found that it helps “cement a better client relationship from the start”. The research, by LexisNexis, found that those offering fixed fees were investing more in processes, technology and marketing.

There is a correlation between a company’s success in litigation and its subsequent stock market performance, legal IT company Premonition has claimed. The US-based start-up, which operates in the UK as well, operates an artificial intelligence system that mines big data to find out which litigators win.

The author of a visual map of the lawtech start-up scene said it revealed the UK has a lower number of new technology ventures relative to the size of the legal market as a whole, compared with other European countries.

In what is being hailed as a significant victory for conveyancers, a law firm and estate agency have defeated a claim brought against them after it turned out that the seller they acted for was a fraudster. The fraud only came to light when the real owner walked past his property and saw builders ripping out the kitchen.

The use of artificial intelligence is more widespread in the law than in other sectors, and IT chiefs see more applications for it in the future, a survey has found. It said that 55% of senior IT decision makers in law firms have adopted predictive coding and 48% machine learning technologies.

Dentons, the world’s largest law firm, is trialing software that helps to predict the likely course, cost, length and outcome of litigation, Legal Futures can reveal. The strategic adviser to its NextLaw Labs subsidiary said that so far its lawyers have been “really impressed” with the results.

Law firms are missing a key opportunity to differentiate themselves against online providers of residential conveyancing because they fail to deal with telephone enquiries properly, a report that includes three years of research in has found.

A regulatory agenda that is looking to help consumers shop around for legal advice means that many law firms are running out of time to get to grips with customer service, a report being launched at today’s PI Futures conference has warned.