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And if clients refuse to pay for humans to handle routine work, what will that mean to a lawfirms bottom line? Weve heard all of the fears about GenAIs use in the practice of law. Imagine a world in which a lawfirm has figured out a way to use GenAI to do simple tasks quickly and well. We dont think so.
Renee Knake Jefferson is the author of the book Law Democratized: A Blueprint for Solving the Justice Crisis (NYU Press 2024) and founder of the Legal Ethics Roundup weekly newsletter. She holds the endowed Doherty Chair in Legal Ethics and is a Professor of Law at the University of Houston. Regulatory Reforms.
Legal Talk Network hosts and listeners had a great time at LEX Summit in Salt Lake City September 8-10, 2024. At the center of the Silicon Slopes region, Filevine has been innovating how lawfirms can leverage technology, specifically AI, to gain efficiencies in their practice, and improve the client experience.
It’s also an important metric for lawfirm owners to track —especially if you want to grow your firm and improve your profitability. But how do you know if your lawfirm’s revenue is enough to grow and scale your business? And how does your firm’s revenue stack up against the average lawfirm revenue?
As of January 1, 2024, there are more than 1.3 Building a strong lawfirm brand can help you stand out. This figure excludes profits for lawfirm partners or shareholders. As reported in Clios Legal Trends Report , the average hourly billable rate for lawyers in 2024 was $341.
From : Blog Entry >> Maureen’s Blog Entry The catchy take-away from the Thomson Reuters “ 2024 Report on the State of the US Legal Market ” is that lawfirm leaders who don’t respond to the shifts in the legal market in the past 15 years may share a destiny with Pan Am.
Today, Thomson Reuters, and the Center on Ethics and the Legal Profession at Georgetown Law has released the 2024 Report on the State of the US Legal Market. Lawfirms continue to inflate the rates balloon and clients wield market power in demanding higher discounts to deflate the increases. The Win-Win 1. Clients Win 2.
Today, Thomson Reuters, and the Center on Ethics and the Legal Profession at Georgetown Law has released the 2024 Report on the State of the US Legal Market. Lawfirms continue to inflate the rates balloon and clients wield market power in demanding higher discounts to deflate the increases. The Win-Win 1. Clients Win 2.
The 2024 Report is based on data from some 179 U.S. lawfirms developed by Thomson Reuters’ Financial Insights platform. Data came from 48 AmLaw 100 firms, 49 AmLaw second 100 firms, and 82 midsize firms. Lawfirms were able to increase their rates on new matters by more than 6% in 2023.
The 2024 Report is based on data from some 179 U.S. lawfirms developed by Thomson Reuters’ Financial Insights platform. Data came from 48 AmLaw 100 firms, 49 AmLaw second 100 firms, and 82 midsize firms. Lawfirms were able to increase their rates on new matters by more than 6% in 2023.
The Thomson Reuters Institute, in its 2024 Report on the State of the US Legal Market , released today in partnership with the Center on Ethics and the Legal Profession at Georgetown Law ( whose URL returns a page not found), uses Pan Am’s story to drive home a simple point for U.S. lawfirms: Innovate or die.
The Thomson Reuters Institute, in its 2024 Report on the State of the US Legal Market , released today in partnership with the Center on Ethics and the Legal Profession at Georgetown Law ( whose URL returns a page not found), uses Pan Am’s story to drive home a simple point for U.S. lawfirms: Innovate or die.
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