Law firms that invest in technology and innovation earn higher revenues. This is among the key takeaways of the 2023 Dynamic Law Firms Report, which examines a 10-year stretch of data to identify the strategies law firms are using to ensure long-term success and growth. The report found that when clients perceive a firm they …
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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 …
2022 Report on the State of the Midsize Legal Market: Four Takeaways
Midsize firms are seeing a resurgence in demand growth by positioning themselves as strategic alternatives to larger firms. That’s among the findings of the 2022 Report on the State of the Midsize Legal Market from the Thomson Reuters Institute. Legal Current shares top takeaways from the report, which found competitive rates and cost structure are …
In an Uncertain Market, Firms Can Win with Legal Technology
As recently as a few months ago, it would have been inconceivable that law firms would be forced to support entirely remote workforces. But over the recent months, that’s exactly what’s happened. On top of it, clients are facing their own challenges, and their expectations are not diminishing. As a result, firms have been and …
Moving Matters Forward in a Meaningful Way
When I visit law firms and talk with lawyers, I hear a lot about how they are struggling with transformation – on pricing, collaborating with clients, budgeting and managing work. Often, the client collaboration piece is especially tough. A seemingly straightforward question from a client, “Where are we on this matter?” can derail an attorney’s …
Small Law Firms Struggle to Generate Billable Hours
Small and solo law firms said that only 60 percent of their day is spent practicing law, according to findings of the 2019 State of U.S. Small Law Firms Report. The remainder of their time is devoted to managing their practice. With more than one-third of their time consumed by challenges such as acquiring new …
In-house attorneys confident in use of technology, unclear on implementation of AI
A new Thomson Reuters report, Ready or Not: Artificial Intelligence and Corporate Legal Departments, highlights legal departments’ view of technology and artificial intelligence (AI). According to the report, two-thirds of in-house attorneys are confident and ready to try new technology. The report measures the perceptions of more than 200 in-house attorneys regarding their use of …
Innovation in Legal Services is Being Fueled by Technology & Business Need
We are witnessing a legal services market that is undergoing an enormous amount of change; new market entrants, technological disruption and the rise of the general counsel are just some of the forces driving this change. In response, forward-looking law firms are finding new ways of doing business, harnessing disruptive technologies and embracing the need …
Thomson Reuters Analysis Reveals 484% Increase in New Legal Services Patents Globally as Law Firms Around the World Invest in Legal Tech
There has been a 484 percent increase in the number of patents filed covering new legal services technology globally in the last five years, reveals an analysis from the legal business of Thomson Reuters, the world’s leading source of news and information for businesses and professionals. According to Thomson Reuters, 579 patents relating to new …
Insights from Thomson Reuters Second Annual Government Conference
Disruption doesn’t have to have a negative connotation; it can lead to opportunity. True leaders embrace it to succeed in a rapidly shifting landscape. This is a key take away from Dawn Scalici, Government Global Business Director at Thomson Reuters, on the recent Thomson Reuters Government Conference that was held in Washington, D.C. on June …
