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 …
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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
ABA Private Target M&A Deal Points Study & Practical Law Partnership
The ABA’s Business Law Section M&A Committee’s flagship Private Target M&A Deal Points Study is considered the industry’s gold standard reference for deal points in private acquisition agreements. Through Practical Law’s new partnership with the ABA, select Practical Law forms now contain integrated slides from the study as well as continuously updated Practical Law What’s …
- November 8, 2023
- Leonard Lee
Employers & Employees Dealing With Long COVID
The CDC estimates that about 7.5% of the U.S. population may be dealing with long COVID or what is also termed long-haul COVID, post-acute COVID-19, long-term effects of COVID or chronic COVID. Because long COVID is not as well understood as COVID-19 in terms of causes, symptoms and treatment, it can be complicated for employers …
- March 31, 2023
- Leonard Lee
Rise of Investor-Backed Law Firms
Various states are exploring new models on who can practice law, new ownership models of law firms, and other paradigm shifts. Arizona changed its alternative business structure to allow non-lawyer ownership and investment in law firms. Scout Law Group is the first such entity to take advantage of the change. Steve German discusses why he …
- February 23, 2023
- Leonard Lee
How Law Firms Are Changing Their Support Staffing
A lot of attention has been paid lately to lateral hiring and associate compensation, but changes are also taking place in law firm staffing. Thomson Reuters Institute recently completed its annual analysis on law firm staffing ratios. Today, we’ll talk about what the new trends are with Isaac Brooks, senior industry data analyst, and Natalie …
- September 16, 2022
- Leonard Lee
Everything You Need to Know (Almost) About the Metaverse
Have you set up a storefront on a metaverse platform yet? Are you feeling FOMO because you missed out on bitcoin and NFTs, and want to make sure you don’t miss out on this latest technology trend? Cynthia Cole of Baker Botts walks us through what the metaverse is all about. To listen, click on …
- July 6, 2022
- Leonard Lee
What to Know When Starting an NFT Marketplace
Non-fungible tokens (NFTs) are the hot craze. While the initial coin offering (“ICO”) craze of 2017-2018 fizzled out in the face of government enforcement actions, a resurgence in the global market for bitcoin and the new category of NFTs is fueling a new boom in digital assets as mainstream interest increases. Recently, Christie’s became the …
- April 27, 2022
- Leonard Lee