Large Law Firms

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Ark Group Conference Recap – KM with Kim, episode 7

Thursday 6th Apr 2017

The Ark Group recently held its conference on Best Practices & Management Strategies for Law Firm Library, Research & Information Services. In this episode of KM with Kim, we discuss a recap of the conference with Kim Stein, national KM manager for Thomson Reuters. [Audio clip: view full post to listen]

Visualized Benchmarking Data for Legal Departments from Thomson Reuters Tracker

Tuesday 21st Mar 2017

Knowing how your legal department and outside counsel are performing compared with the competition can be invaluable information. Corporate legal departments can more easily compare their performance to industry benchmarks and streamline frequently-used workflows with new automation tools in the latest update of Thomson Reuters Legal Tracker™ (formerly Serengeti Tracker™), the market-leading e-billing and matter ...

Competition, Innovation & the Death of the Billable Hour

Thursday 12th Jan 2017

The billable hour model of decades past where firms experienced little pushback on rates or number of hours spent is effectively dead, and the traditional law firm franchise is increasingly at risk. Law firms must either find ways to effectively adapt to these and other evolving competitive conditions or risk further erosion of their market ...

Peer Monitor Index Holds Steady in Q3

Monday 7th Nov 2016

Cross-currents buffeted the large law firm market in the third quarter.  Firms saw the highest rate growth in two years, but also suffered the second consecutive quarterly decline in demand. The result was that the Peer Monitor Index held steady at 48 for the quarter. Rates have been rising steadily all year. In the third ...

Top IT Priorities for Law Firm COOs & CFOs

Monday 31st Oct 2016

Balancing technology needs with budget realities can be tricky.  Seventy percent of attendees surveyed at the 15th Annual Law Firm COO-CFO Forum produced by the Legal Executive Institute said they consider technology to be a strategic differentiator for their firm.  But most also agreed on the importance of prioritizing and the need to sort out ...

Are Firms Trimming Rates for More Business? Lower Rates May Lead to Higher Demand & Revenues, Says Peer Monitor Report

Tuesday 18th Oct 2016

A new report from Thomson Reuters Peer Monitor finds that large law firms willing to accept smaller rate increases are on average experiencing higher demand and revenue growth. For many years, annual rate increases have been seen as a reliable means for firms to grow their revenues. But in an increasingly flat market in demand ...

The Future of Legal Services in the United States: The ABA Issues a Clarion Call for Change – Law Firm Leaders Forum

Friday 7th Oct 2016

Earlier this year, the American Bar Association produced A Report on the Future of Legal Services in the United States. This report has generated much discussion with varying viewpoints about whether the report went too far or not far enough in its 12 recommendations to continue building on the legal profession’s legacy and ensure access ...

Changing Client Outlook & Purchasing Behaviors – Law Firm Leaders Forum

Thursday 6th Oct 2016

Clients continue to change their expectations for law firms, including how and from whom they purchase legal services. Beyond the latest use of panels and convergence programs, clients are making statements to the marketplace by moving work to firms that best respond to their requirements and guidelines. Jami Wintz McKeon, Firm Chair, Morgan, Lewis & ...

Law Firm Leaders Forum – An Annual Report on the State of the Profession and Business of Law

Thursday 6th Oct 2016

The 21st annual Thomson Reuters Law Firm Leaders Forum in New York began with a panel discussing recent developments over the past year, a session that traditionally opens the forum each year. Ralph Baxter, Chairman of the Thomson Reuters Legal Executive Institute, author and advisor, opened with remarks discussing three developments he sees impacting the ...

The Design Values Underpinning Elite

Thursday 29th Sep 2016

As I was preparing for our VANTAGE EMEA conference being held this week in London, I spent some time thinking about where we’ve come as an organization since we were here a year ago. And since it’s a history that directly informs where we’re at and where we’re going, I’d like to reflect on our ...

Elite VANTAGE EMEA Kicks Off

Tuesday 27th Sep 2016

I had the privilege of hosting the opening keynote session at VANTAGE EMEA this week and both Eric Ruud and I devoted a lot of our time to discussing our continued focus and commitment to Customer Advocacy.  We have made many changes to enhance the customer experience over the past year. As I said onstage ...

Elite Vantage EMEA 2016 User Conference

Monday 26th Sep 2016

The Elite Vantage EMEA 2016 User Conference is underway in London. The two-day conference brings together Thomson Reuters Elite users from across Europe, Africa and the Middle East. Elizabet Hardy, Vice President of Product Management and Eric Sugden, Chief Technology Officer discuss what will take place at Vantage, including the release of Elite 3E version ...

Knowledge Management as a Competitive Advantage, “KM with Kim” ILTACON Wrap-up

Tuesday 13th Sep 2016

In discussions with firms at ILTACON 2016, one thing stands out in the world of knowledge management: in an era of Big Data and Artificial Intelligence, knowledge management can help firms gain a competitive advantage. In this post-ILTA wrap-up edition of “KM with Kim,” Kim Stein, national manager of knowledge management for Thomson Reuters, shares ...