In order to counteract the decline in profitability, law firms are turning to artificial intelligence (AI) tools such as ChatGPT to reduce costs. Due to a boom in hiring, US law fi...
Law firms are adapting to the uncertain economic climate by increasing their use of fixed-fee and contingency-fee arrangements. Fixed-fee arrangements involve setting a predetermin...
US law firms experienced a decline in client demand, productivity, and profitability at the end of 2022, according to a report by the Thomson Reuters Institute. In the fourth quart...
According to Thomson Reuters Institute and the Georgetown University Law Center on Ethics and the Legal Profession, law firms raised their rates an average of 4.8% through the firs...
According to Wells Fargo’s Legal Specialty Group, U.S. law firms’ biggest challenge in the near term will be dealing with keeping their expanded ranks of attorneys busy...
The top US law firms are now paying their London partners significantly more than their British rivals, in another sign of American dominance in the UK legal sector. Partners in th...
A survey from the Thomson Reuters Institute found that US lawyers are billing fewer hours than they have in decades amid a sharp decline in dealmaking, as more law firms announce r...
Falling demand, declining profits and rising expenses have created a challenging climate for law firms in 2023, a new industry report warned, with more layoffs likely as clients ti...
A report from Citi’s Global Wealth at Work Law Firm Group and Hildebrandt Consulting concludes that many law firms will see a decline in profitability by year’s end, as...
According to the Wolters Kluwer Future Ready Lawyer Survey 2022, these are the top five legal trends heading into 2023: Tech: 79% of legal professionals report that the increasing ...
