“Embrace the litigators in your lives” may sound like a Valentine’s Day lawyer meme, but it was Joe Patrice’s takeaway from the Q4 2023 Thomson Reuters Law Firm Financial Index. Journalists’ and bloggers’ coverage of the report, released last week, emphasized how law firms’ profits rebounded in 2023, driven by rate growth and stronger demand …
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Firms Reconsider How Technology Shapes Productivity as Law Firm Market Returns to Profitability
Law firms showed resilience in 2023, taking advantage of shifts in market demand and aggressively raising rates while exercising restraint in costs, particularly talent costs for associates. This balanced approach of managing for both topline growth and cost controls paid dividends for firms; if they continue to successfully execute on those strategies, the market is …
- February 16, 2024
- Carrie Brooker
AI Insights from the 2024 Report on the State of the US Legal Market
AI is transforming every aspect of work across industries, and Thomson Reuters is at the forefront of revolutionizing how legal professionals work. The 2023 launch of AI-Assisted Research on Westlaw Precision was the first in a series of key legal product rollouts integrating generative AI. Later this month, generative AI capabilities will be introduced in …
- January 23, 2024
- Carrie Brooker
2024 Predictions from Thomson Reuters Legal Leaders
Most – ok, all – conversations about what to watch for in 2024 turn to predictions on just how disruptive artificial intelligence, particularly generative AI, will be. Thomson Reuters leaders in the legal space shared their insights on what’s in store for 2024. “Natural language interface will become table stakes for many legal software users …
- January 19, 2024
- Carrie Brooker
2023 Milestones from Thomson Reuters Legal Leaders
With 2024 under way, Thomson Reuters leaders in the legal space share their perspectives on the year that was. The legal industry’s 2023 milestones centered, of course, on the anticipation and impact of generative AI. Yet as Paul Fischer, president, Legal Professionals, noted in Law.com’s milestones series, 2023 was “also notable for a sense of …
- January 3, 2024
- Carrie Brooker
Small Law Firms: Technology Trends
In this final of a three-part series on the 2023 State of U.S. Small Law Firms: A Year of Change report, we look at how law firms are increasingly turning to technology to help them tackle challenges they face in today’s legal landscape. From improving efficiency to reducing costs, technology is playing an increasingly important …
- December 20, 2023
- Leonard Lee
Thomson Reuters and Morgan Lewis Enter into Partnership for AI Development
As the pace of legal technology innovation increases, Thomson Reuters announced today it is entering into a partnership with global law firm Morgan Lewis to collaborate on new artificial intelligence (AI) driven legal products. Through the partnership, Morgan Lewis will provide feedback to help shape new Thomson Reuters products. “We’re committed to providing the best …
- December 19, 2023
- Leonard Lee
Small Law Firms: Challenges and Progress
Small law firms face a number of challenges and the 2023 State of U.S. Small Law Firms: A Year of Change report provides some insights into both the scope of these challenges and how firms are responding to them. A major headache continues to be finding the right balance between practicing law and handling administrative …
- December 19, 2023
- Leonard Lee
Small Law Firms Overwhelmingly View Themselves as Successful
Small firm lawyers face unique challenges, as they often function as both practicing attorneys and small business owners. Despite these challenges, the 2023 State of U.S. Small Law Firms: A Year of Change report finds that an overwhelming 87% of lawyers across small firms view their firms as either successful or very successful; 30% of …
- December 18, 2023
- Leonard Lee
Practical Law The Journal: December Issue Out Now
Practical Law The Journal is the award-winning magazine companion to Practical Law, covering a wide range of transactional, regulatory, and litigation topics. It publishes monthly in a digital-only format hosted on Reuters.com. Legal Current reached out to the Practical Law The Journal team to discuss what readers can look forward to in the December issue. …
- December 14, 2023
- Carrie Brooker