The law firm market rebounded in the first quarter due to improved growth and surging rates, according to the Q1 2023 Thomson Reuters Law Firm Financial Index (LFFI) powered by Financial Insights. However, the Thomson Reuters report noted that the recovery was uneven and uncertainty remains as to the direction of the market going forward. …
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ChatGPT and Generative AI in Law Firms: Top Takeaways
Everyone is talking about ChatGPT and generative AI, but are legal professionals actually using them? ChatGPT & Generative AI within Law Firms, a new report from Thomson Reuters, examines legal professionals’ attitudes towards these emerging technologies. Based on surveys conducted in March of law firms in the United States, UK, and Canada, the report measures …
International Women’s Day: Perspectives from Thomson Reuters Female Legal and Technology Leaders
In honor of International Women’s Day, Legal Current talked with Thomson Reuters female leaders with roles in the legal and technology spaces to get their perspectives on the progress made in these fields and changes still needed. For context, Thomson Reuters research in Law Firms Competing for Talent in 2022 showed women associates are among …
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 …
State of the Legal Market Report: Predicting the Factors That Will Shape 2023
Ahead of the 2023 Report on the State of the Legal Market – the annual report issued jointly by the Center on Ethics and the Legal Profession at Georgetown Law and the Thomson Reuters Institute – Legal Current is looking back at the trends that shaped the industry in 2022. The 2023 report, which Thomson …
Security Concerns, Economic Pressures Are Biggest Threats to Law Firm Profitability
Security concerns and economic pressures have displaced competition for talent as the biggest threats to law firm profitability, according to the 2022 Law Firm Business Leaders Report from Thomson Reuters and the Georgetown Law Center on Ethics and the Legal Profession, and True Value Partnering Institute. The report explored the top risks to law firm …
Fourth Consecutive Quarter of Decline for Thomson Reuters Law Firm Financial Index
Law firm profitability continues to slide due to an inevitable cooling off in demand and a rebound in expenses, according to findings of the Q2 2022 Law Firm Financial Index, released today by Thomson Reuters. Powered by Peer Monitor/Financial Insights, the index fell for a fourth consecutive quarter – the longest such slide in its …
“Moments of Delight:” Product Design and Practical Law Dynamic Tool Set
Erica Kitaev, senior director, Product Management, Thomson Reuters, explored what it means to delight customers with Caden Damiano in The Way of Product Design podcast. They discussed how emotion and sentiment can be indicators of product success in the latest episode. Kitaev draws on her experience as a law firm partner to design products for …
Should I Stay or Should I Go? Insights on Law Firms and Lawyer Retention
Clear opportunities for career growth and supportive firm management outweigh compensation and workload for attorneys deciding whether to remain at their current firms or pursue other opportunities. That’s among the findings of the Law Firms Competing for Talent in 2022: Will Lawyers Stay or Will They Go? report published today by the Center on Ethics …
Mainland Europe’s Top Law Firms Brands in 2022
Baker McKenzie secured the top spot in the Mainland Europe Brand Index for the fourth consecutive year. It was the only firm in the top 10 to maintain its position from last year. Clifford Chance clinched second place, rising two spots from last year’s index. Allen & Overy ranked third, jumping three spots from last …
