Improving productivity, driving law firm profitability, and providing high-quality advice to clients are among the top motivators for legal professionals to embrace AI, including generative AI. These are among the findings of the Future of Professionals Report, which surveyed more than 1,200 professionals in legal, tax and accounting, global trade, and risk and compliance industries. …
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Report on the State of the Legal Market
2023 Report on the State of the Legal Market: Reactions from the Legal Industry
Journalists, bloggers, and industry influencers are interpreting findings of the 2023 Report on the State of the Legal Market, issued last week by the Thomson Reuters Institute and the Center on Ethics and the Legal Profession at Georgetown Law. They’re focusing on findings showing a drop in demand for services, an uncertain economic outlook, lower …
2023 Report on the State of the Legal Market: 10 Takeaways
A year of uncertainty awaits law firms, with multiple factors threatening profitability, including falling demand and productivity, rising expenses, shifting client outlooks, and inflation. These are among the findings of the 2023 Report on the State of the Legal Market, issued today by the Center on Ethics and the Legal Profession at Georgetown Law and …
It’s About More Than Money: Lawyers Want to Contribute to the Greater Good
Legal professionals in 2022 have different attitudes and expectations than they had before the pandemic for deciding whether to stay in their current positions or leave. As lawyers’ work preferences shift, an intense talent war is under way in the legal industry. A new Thomson Reuters survey, Finding purpose and having a social impact: Lawyers …
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 …
2022 State of the Legal Market: What Will Be This Year’s Defining Factors?
Thomson Reuters will issue the 2022 Report on the State of the Legal Market next week, reviewing U.S. law firms’ performance over the past year and examining how firms are responding to current trends in the legal industry. The annual report is issued jointly by the Center on Ethics and the Legal Profession at Georgetown …
2021 Highlights: Helping Legal Professionals Work Virtually, Improve Productivity
With 2021 winding down, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we revisit some of the top tools and enhancements Thomson Reuters introduced to help legal professionals strengthen virtual work, collaboration and productivity. The 2021 Report on the State of the Legal Market …
2021 Highlights: Report on the State of the Legal Market
As the 2021 clock ticks down, Legal Current is looking back at the milestones and key accomplishments from the Legal Professionals business of Thomson Reuters. Today we revisit findings of the 2021 Report on the State of the Legal Market, which showed this year may have been a “tipping point” that accelerated significant changes in …
The Impact of Fourth Industrial Revolution on the Legal Industry
The World Economic Forum’s annual meeting in Davos, Switzerland, next week will draw 3,000 participants from around the globe. Many of the world’s top leaders will attend the gathering, which marks its 50th anniversary this year. Brian Peccarelli, chief operating officer of Customer Segments for Thomson Reuters, wrote a column about what the World Economic …
Firms Need To Re-Evaluate Strategies in a Rapidly Shifting Market: Georgetown Law & Legal Executive Institute Report
Many law firms may be unprepared for rapid changes that are transforming the legal market at an accelerating pace. “The 2018 Report on the State of the Legal Market’ from Georgetown Law and the Legal Executive Institute says that new competitors and changing client expectations make it essential for law firms to re-evaluate strategies, even …
