LegalTech Hub’s Post

Legal Dive spoke with Rhys Hodkinson, chief revenue officer for legal documents startup Definely, for insights into how forward-thinking law firms are adapting in the face of AI-driven disruption to some traditional billing models. #legal #lawfirms

In-house counsel expect process efficiencies and cost savings but a majority say their companies aren’t ready for the change effects, ACC survey finds. Interesting insights in this Legal Dive post. #LegalTech #LegalInnovation #generativeAI #LegalTechHub #LegalTechNZ

I must have heard this said a thousand times recently: "AI is [finally] going to kill the billable hour." To which I say: "Oh really, why do you say that?" So lets take a look at the latest post from BTI Consulting: ------ BTI results from a brand new survey of more than 350 corporate counsel reveals client expectations about AI’s impact on fees and hours. The current state of client expectations looks like this: - 23.6% see fewer hours billed - 76.4% expect more hours to be billed ---- 3/4s of corporate counsel expect MORE HOURS to be billed! #lawyer #legal #billablehour #auslaw

Working with outside counsel can be a substantial impediment in striving to maximize efficiency, in large part due to misplaced expectations and similar miscommunications. Data-driven solutions can be leveraged to improve both efficiency and transparency in the billing process. These solutions aid in improving communications between in-house and outside counsel, especially with regard to billing and matter management. Read more: https://lnkd.in/exWa9PK --- #inhouselegal #inhousecounsel #CorporateCounsel #legaloperations #legalops #legaltech #legaltechnology #lawfirm #legalpractice #lawfirms #practicemanagement #lawyers #lawyer #LawFirmManagment #legalpracticemanagement #lawpractice #paralegal #paralegals #attorney #attorneys

Discover the reasons behind this trend, its implications for law firms, and how AI billing software helps navigate these challenges. https://lnkd.in/gxuXgECk #LegalTrends #LawFirmChallenges #AIinLegal #DeferringClasses #LegalIndustryShifts #LawFirmStrategies #AIbillingSoftware #TalentManagement #FutureofLaw #LegalInnovation Andre Wouansi

The Legal Revolution: AI and Alternative Providers Reshape the Industry 🚀⚖️ Exciting times are upon us in the legal field as technology and innovation disrupt traditional practices! The recent 'Run Legal Like a Business' conference in Las Vegas (Sep 3-6, 2024) showcased the depth of the US legal market and the groundbreaking ideas paving the way for new business models. While not all may have Tom Cruise's "Did you order the Code Red?" moment from A Few Good Men, AI is revolutionizing legal strategy. Here are three key trends shaping the future of law that stood out for us: - Billable Hours model is contested: 'Alternative' law firms are challenging the status quo by offering flat fees combined with success fees for litigation and M&A, prioritizing value and outcomes over time spent. - AI-Powered Legal Work: GenAI firms are making significant inroads in legal research, summarization, and even cross-examination preparation. Data science is elevating this further by creating decision trees to optimize legal strategies. - Rise of Fractional Services: Law firms are increasingly outsourcing non-legal services like research, IT, HR, and compliance to 'fractional' providers, allowing for greater focus on core legal work. The legal landscape is evolving rapidly. Are you ready to adapt and thrive in this new era? Share your thoughts below! 👇 #LegalTech #AIinLaw #FutureOfLaw #LegalInnovation What is you experience? Reach out to us at Dalitics or Bogdan Patriniche to discuss what we learnt at this conference and how we can leverage the combined GenAI and data science for legal professionals, in both civil code and common law jurisdictions.

GenAI & Legal Pricing: A New Era for Outside Counsel Reviews   As we gear up for 2025's outside counsel rate reviews, one thing is clear: GenAI isn't just changing how legal work gets done—it's transforming how it gets priced. Here's what is catching my attention as I talk with in-house legal teams and law firms leaders:   Some firms are seeing 40% efficiency gains through AI implementation. WOW....but it raises a crucial question:  Will efficiencies being passed on to clients? When researching for an upcoming law review article, I, together with Nancy Rapoport, spoke with law firm leaders who imagined senior partner rates DOUBLING in the next few year for ultra-strategic, high value work on "bet the company" matters. [The math? = $3000-$5000 per hour. We shall see...] The reality is nuanced. While AI can automate routine tasks, complex litigation and strategic work still demand deep human expertise. Smart firms are developing hybrid pricing models that reflect this dual reality.   What I'm looking for in 2025:   • Clear quantitative evidence of how AI savings benefit clients • Innovative fee structures that align with tech capabilities • Transparency in technology cost allocation • Quality maintenance alongside efficiency gains   The most interesting trend? The emergence of sophisticated pricing models that combine traditional hourly rates with fixed-fee components for AI-assisted work. It's not about across-the-board price cuts—it's about smarter pricing that reflects the true value of both human expertise and technological efficiency. This is Legal Decoder, Inc's competitive edge for legal industry leaders who want to leverage billions of dollars of benchmark data to strike the right balance.   The future belongs to law firms that can demonstrate real value in this new landscape and the clients who demand it. The conversation isn't just about rates anymore—it's about partnership in innovation.    #LegalOps #LawFirmPricing #ArtificialIntelligence #LegalTech #OutsideCounsel #Innovation #LegalPricing #LegalTransformation

Unpaid legal bills can pose significant challenges for law firms of all sizes. To mitigate this issue, firms must embrace innovative solutions that simplify financial processes. Legal tech that streamlines billing and offers flexible payment options can improve collection rates and maintain steady cash flow. At AffiniPay, we empower law firms with the tools needed to navigate complex financial situations, ensuring long-term stability and success. 🔗 Give Nicole Black's overview of the LawPay and MyCase 2024 benchmark report in the ABA Journal a read for more detail around payment flexibility for law firms: https://lnkd.in/gwSG3P7r

𝐑𝐢𝐝𝐢𝐜𝐮𝐥𝐨𝐮𝐬 𝐥𝐚𝐰 𝐟𝐢𝐫𝐦 𝐫𝐚𝐭𝐞𝐬 𝐚𝐫𝐞 𝐛𝐞𝐜𝐨𝐦𝐢𝐧𝐠 𝐚 𝐠𝐫𝐨𝐰𝐢𝐧𝐠 𝐩𝐫𝐨𝐛𝐥𝐞𝐦!!! A recent Bloomberg Law article highlighted the alarming rise in law firm rates, with some partners' hourly rates exceeding $𝟐,𝟑𝟎𝟎! (See article link in the comments below). This trend is squeezing budgets and making legal services less accessible, especially for smaller businesses. 𝐖𝐡𝐲 𝐀𝐫𝐞 𝐑𝐚𝐭𝐞𝐬 𝐒𝐨 𝐇𝐢𝐠𝐡? The article suggests several reasons for this surge, including: * 𝐑𝐚𝐭𝐞 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞𝐬 𝐚𝐬 𝐡𝐢𝐠𝐡 𝐚𝐬 𝟓𝟎%: A bankruptcy judge overseeing a case had to intervene when she saw a 50% rate increase. "A 50% increase in somebody’s rates is not something any client I ever had would have accepted," Chief Judge Laurie Selber Silverstein said. * 𝐓𝐨𝐩 𝐋𝐚𝐰 𝐅𝐢𝐫𝐦𝐬 𝐚𝐫𝐞 𝐚𝐠𝐠𝐫𝐞𝐬𝐬𝐢𝐯𝐞𝐥𝐲 𝐫𝐚𝐢𝐬𝐢𝐧𝐠 𝐫𝐚𝐭𝐞𝐬 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐫𝐞𝐯𝐞𝐧𝐮𝐞: According to the Bloomberg article, the country’s top law firms are aggressively raising rates significantly higher than smaller competitors. * 𝐎𝐯𝐞𝐫𝐡𝐞𝐚𝐝: Large firms often have significant overhead costs that factor into their rates, and there’s no sign that firms with the highest rates will slow down. Are There Any Alternatives? Absolutely! Legal technology solutions like LegalMente AI can help businesses control legal costs. Our AI Paralegal, Para, and our RedFlag Detection AI can analyze legal documents for potential issues quickly and accurately, at a fraction of the cost of traditional legal review. Here's how LegalMente AI can help: * 𝐑𝐞𝐝𝐮𝐜𝐞 𝐂𝐨𝐬𝐭𝐬: Save time and money compared to traditional legal review * 𝐈𝐦𝐩𝐫𝐨𝐯𝐞 𝐄𝐟𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Get your contracts reviewed and legal questions answered faster, freeing up internal resources and capital. * 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐈𝐬𝐬𝐮𝐞𝐬 𝐄𝐚𝐫𝐥𝐲: Catch potential problems before they become costly disputes. 𝗗𝗼 𝗻𝗼𝘁 𝗹𝗲𝘁 𝘁𝗵𝗲 𝗵𝗲𝗳𝘁𝘆 𝗹𝗲𝗴𝗮𝗹 𝗳𝗲𝗲𝘀 𝗯𝗲 𝗮 𝗯𝗼𝘁𝘁𝗹𝗲𝗻𝗲𝗰𝗸 𝘁𝗼 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗴𝗿𝗼𝘄𝘁𝗵. 𝗚𝗲𝘁 𝘀𝘁𝗮𝗿𝘁𝗲𝗱 𝘄𝗶𝘁𝗵 𝗟𝗲𝗴𝗮𝗹𝗠𝗲𝗻𝘁𝗲 𝗔𝗜'𝘀 𝗙𝗥𝗘𝗘 𝗔𝗜 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗿𝗲𝘃𝗶𝗲𝘄 𝘁𝗼𝗱𝗮𝘆! Click here: https://lnkd.in/e9Ap2v5V  #Legal #Law #AI #ArtificialIntelligence #TheFutureOfLegalWork #legaltech #lawfirmrates #contracts #AI

Do you know how to ensure faster client response times, improved value, and greater transparency on price and efficiency while developing strong client relationships? The Thomas Reuters report highlighted that clients expect a lot from their lawyers. However, their expectations aren’t unobtainable - at least, not if law firms can adopt legal tech that can free up their lawyers' time and allow them to focus more on their clients. One way to do that is through the use of AI to remove the need for lawyers to spend hours researching and reviewing documents. However, AI isn’t the only technology area law firms need to focus on; they also need to ensure they’re rolling out effective automation within their businesses. How can automation help law firm clients? 👇 Clients don’t want to spend their time travelling to law firm offices to provide documentation for their cases. People are short on time, and when they can do various other activities online, such as banking or booking holidays, they will also demand that same ease from their law firms. Automation technology in law firms can help create a streamlined process for clients that removes stress and saves them time. Has your firm embraced automation yet? If not, discover more reasons why your firm needs to embrace automation technology: https://lnkd.in/gPjMugYY #HQGlobalSearch #LawFirms #Law #Legal