Thursday 5th Jan 2017
Managing a successful solo or small law practice means overcoming many challenges. These days, running a small practice requires many skills in addition to being a good lawyer: one often also needs to be a project manager, technologist, marketer and small business expert. The State of the US Small Law Firms Study surveyed more ...
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 ...
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 ...
Friday 21st Oct 2016
Legal departments are transforming through technology, implementing best practices and continually analyzing the work being performed by lawyers, paralegals and support staff, as well as by their outside counsel. At the 2016 Association of Corporate Counsel annual meeting, a panel titled “Getting Lean and Mean: Transforming Legal Operations” discussed some methods, tactics and strategies legal ...
Wednesday 19th Oct 2016
The traditional hourly billing model still predominates, and many legal departments are still comfortable with their outside counsel using it. But there has been a shift over the recent years to more use of alternative fee arrangements (AFAs), flat fee structures or value-based pricing. At the Association of Corporate Counsel annual meeting, a panel discussed ...
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 ...
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 ...
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 & ...
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 ...
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 ...
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 ...
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 ...
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 ...
