“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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Above the Law
Legal Industry Reaction to AI-Assisted Research on Westlaw Precision and the Thomson Reuters Generative AI Strategy
Thomson Reuters provided legal industry journalists a sneak peek of AI-Assisted Research on Westlaw Precision and introduced a series of additional initiatives, including the new generative AI assistant connecting all Thomson Reuters generative AI products, Thomson Reuters Generative AI Platform, generative AI capabilities in Practical Law, and CoCounsel Core. Legal Current shares perspectives from legal …
- November 20, 2023
- Carrie Brooker
Record Growth in Attorney Rates in 2023: More of the Same in 2024?
Just in time for fourth quarter – when many law firms are exploring rate setting with clients for the coming year – is a new Thomson Reuters report, Law firm rates in 2023: What’s working, what isn’t, and how to move forward in 2024. It examines the current and historical performance of law firm rates …
- October 6, 2023
- Carrie Brooker
ChatGPT & Generative AI Within Law Firms: Reactions from the Legal Industry
Legal professionals’ perspectives on generative AI runs the gamut from concerns about threats to jobs and how often the technology “hallucinates” to excitement to apply it to legal work. These are among the findings of the ChatGPT & Generative AI within Law Firms report, released last month by Thomson Reuters. Based on surveys conducted of …
- May 11, 2023
- Carrie Brooker
Alternative Legal Services Providers 2023 Report: Reactions from the Legal Industry
“ALSPs have a greased runway to start soaking up business.” That’s among the reactions – this one from Above the Law’s Joe Patrice – to findings of the Alternative Legal Services Providers 2023 Report, released last week by the Thomson Reuters Institute; the Center on Ethics and the Legal Profession at Georgetown Law; and the …
- February 9, 2023
- Carrie Brooker
2022 Highlights: Law Firm Financial Index Reports Highlight Trends in Law Firm Profitability
Legal Current’s year-in-review series looks back at 2022 milestones for the Legal Professionals business. Today we revisit the quarterly Law Firm Financial Index (LFFI) reports from the Thomson Reuters Institute. LFFI is a composite index of law firm market performance using real-time data drawn from major law firms in the United States and key international …
- December 14, 2022
- Carrie Brooker
2022 Highlights: The Importance of Cash and Culture in Lawyer Retention
With 2022 winding down, Legal Current is reflecting on the Legal Professionals business’s milestones from the year. Today we look at the Law Firms Competing for Talent in 2022: Will Lawyers Stay or Will They Go? report – and what a difference a few months makes. When the legal industry was buzzing about lawyer retention and …
- December 8, 2022
- Carrie Brooker
Westlaw Precision: Expanded KeyCite Functionality and a New Striped Flag
“This is legal nerd stuff, but Westlaw has a new KeyCite flag between Yellow and Red and it’s exciting.” Above the Law Editor Joe Patrice’s tweet about KeyCite Overruled in Part fueled some of the buzz over the new features in Westlaw Precision. Legal Current is taking a closer look at the six new research …
- October 10, 2022
- Carrie Brooker
Reactions to the 2022 Report on the State of the Legal Market
Last week, Legal Current shared the five key takeaways from the 2022 Report on the State of the Legal Market, which explored why law firms can’t just keep throwing money at the growing talent war. Today, we highlight takes from journalists, bloggers and industry influencers on the report findings. Many focused on the industry’s retention …
- January 18, 2022
- Carrie Brooker
2021 Highlights: Law Firm Talents Wars
As 2021 winds down, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we look at three recent thought-leadership reports that provided insights into how law firms are handling the rising competition for talent: the 2021 Law Firm Business Leaders Report, the Q3 2021 …
- December 9, 2021
- Carrie Brooker