Evolving technology and market forces are changing legal industry relationships. A key focus is how corporate legal departments are managing operations and the effect that’s having on law firms. Click here to download this free Special Report and learn how decisions made by in-house counsel could significantly influence the industry going forward.
This Special Report will cover:
How Tech Helps In-House Counsel Evaluate Firm Performance
Technology such as AI and predictive analytics is having a big impact on how law firms conduct their business, but it’s also giving in-house counsel a tool to evaluate the performance of firms retained or being considered. We explore how counsel are using available tech to evaluate the firms they’re working with.
Pitfalls in Implementing Legal Operations
Legal operations have steady risen in recent years, with new data scientists, knowledge management analysts, and outsourced legal providers and tech companies. While this shift aims to move legal departments from cost to value centers, it runs the risk of “expansion for expansion’s sake.” Legal operations can improve due diligence while helping legal become a more strategic partner to the organization at large.
Process Outsourcing is a Force for Change
Legal process outsourcing is a means for law firms to reduce costs, and may offer in-house counsel an alternative to engaging an outside firm. This article examines the character and recent growth of the outsourcing sector and shares insights to the potential effect on law industry operations.
Growing ‘Micro-Niches’ for Law Practices to Watch
Law firms face growing competition as GCs move services in-house and tap automated technology. In the future, one-third of firm revenues will come from services they do not currently provide. As legal operations and automation eliminate the need to pay outside counsel sizable fees, firms will need to develop “micro-niches” and reinvent themselves for the future.
Pressure Growing for Alternative Billing Models
Continued slow growth in the demand for legal services, downward pressure on law firm margins, and availability of legal outsourcing and related services give clients leverage to demand different billing models. The article will take a closer look at the forces changing the environment with a focus on procurement of legal services by GCs.