Peter Kaas’ Post

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

👋 from Modernize.Legal! 🚀 🔍 As you may have heard.... we're pioneering a groundbreaking study to decode the current state of practice modernization in major law firms. This isn't just another industry survey – it's a comprehensive exploration into the transformative impact of AI and legal tech, tailored to the unique experiences of different stakeholders within the legal ecosystem. ⏲️ #Associates: We are asking them about their development as lawyers, how they feel about career prospects, and the tech tools they love and hate. Associates from some of the best law firms in the world have already weighed in - Latham & Watkins, Kirkland & Ellis, Davis Polk & Wardwell LLP, Freshfields Bruckhaus Deringer and 30+ other firms... make your voice heard! 🖥️ #Practice #Technologists: We are asking them whether they have the resources they need to drive #innovation, their #realtalk feedback on both #legaltech tools and vendors, and their views on the current state of #AI in legal! ⚙️ #LegalTech #Vendors: We're asking them for their current market outlook and the #realtalk advice for law firms on how they can become better customers and partners in driving #techadoption forward. ⚖️#LawFirm #Leaders: Your strategic priorities & the competitive pressures you face in this tech-driven era. 🦄 Here's what sets our study apart: 🔗 Connected Insights: Each survey is a piece of a larger puzzle. When combined, they reveal a 360-degree view of the legal industry's modernization journey, highlighting the synergies and gaps between expectations and reality. 🎯 Actionable Feedback: Participation in our study doesn't just contribute to another report on a shelf. It's an active step towards shaping the future of legal practice. With enough participation, these insights can shape and influence how law firms try and buy tech and how they train the next generation of lawyers. 🤝 Join the Conversation: By sharing your experiences, you're not only voicing your challenges and successes but also helping to steer the direction of an entire industry. 👉 Stay tuned for updates, insights, and exclusive content.  Follow our project page, join the discussion, make your voice heard -- and be a part of something bigger.

David Lat’s recent piece highlights a notable shift: attorneys from Big Law moving to specialized e-discovery boutiques like Redgrave LLP, where expertise in data and AI-driven e-discovery is critical. As Jonathan Redgrave and Robert Keeling explain, boutique firms have an edge by focusing exclusively on e-discovery and information law, offering clients targeted expertise without competing across legal disciplines. That’s why tools like GoldFynch are invaluable for e-discovery professionals—offering user-friendly, affordable, and defensible data collection and review capabilities. With GoldFynch, legal teams can keep pace with new tech and meet the highest standards without the high costs of traditional solutions. Read the full analysis to understand how AI and specialization are shaping the future of e-discovery.  #eDiscovery #LegalTech #GenerativeAI #Law #GoldFynch https://lnkd.in/gGXeqYAV

Join us at LLI's 1st Liquid Legal Summit! The 'legal tech wave' became 'digitalization' and then 'digital transformation'. Now the 'AI revolution' is on the horizon. Every day, we see the latest trends rapidly reshaping every facet of the legal landscape. The legal market is undergoing constant and profound change. These changes require reassessment and reorientation. Previous approaches have viewed new developments as opportunities and risks to traditional business and service models, often with a strong focus on budget and profit.  These and many other issues will be discussed at the Liquid Legal Summit on July 4 at the Kameha Grand Hotel in Bonn with Studio ZX | ZEIT Verlagsgruppe - the brand studio of the ZEIT Publishing Group. In this conference we try to bring together all sides of legal to one informative discussion. With experts from all over the industry, the summit will feature workshops, panels, and networking opportunities in a stunning riverside setting. Only together can we master these challenges. Whether you are an experienced practitioner or an aspiring professional, whether you work in a legal department, law firm, or academia, attending the Liquid Legal Summit will allow you to expand your knowledge, be inspired by industry leaders, and cultivate and expand your network. Be part of this ground-breaking event and shape the future of legal together. Kai Jacob Dr. Dierk Schindler Bernhard Waltl Evgeny Ioffe #summit #legaltech #digitalinnovation 

'Are We There Yet?' - GenAI's Impact So far. As we approach the landmark Legal Innovators California conference, Artificial Lawyer caught up with one of our keynote speakers, Zach Abramowitz of advisory firm Killer Whale Strategies, to discuss GenAI’s impact so far and why he’s excited to attend this essential two-day event in San Francisco, June 4/5. See article for a short intro to the event and then a discussion about #genAI's impact on the legal market so far and how it will be put to use. Here's some key points from the conversation: – How GenAI has raised the bar in terms of expectations for what legal tech tools can do. – We look at different approaches to using GenAI, e.g. where the AI is integrated into existing products, where products are built from the ground up with AI, and where there’s a more DIY approach using an LLM’s capabilities, including perhaps legal specific ones, to achieve customised goals. – We consider how GenAI will be a bit like the internet. The first wave will have a broad impact, primarily by closing the general information gap, but the second wave will be more layered, customised and complex, and allow lawyers to have a much more personalised and powerful impact by leveraging GenAI tools specifically for their own practice and tailored to their personal expertise, in short: a force multiplier for every individual lawyer. and more.... #legaltech #legalAI #legalinnovators #SanFrancisco #AIgroundzero HT Timo Karakashev Suditi Sinha Craig Woolward Alexandria Cordova, LLM - companies mentioned include: LegalMation, TermScout, Robin AI, Spellbook, Thomson Reuters, LexisNexis, 273 Ventures, Lawgeex https://lnkd.in/efbtsGBa

“There’s slow and then there’s the law…” Amber Ivey (AI), MPA, JD astutely pointed out that the legal system often lags behind in its ability to effectively navigate cases involving complex technological issues. From a lack of understanding among legal professionals to outdated court procedures, there are numerous challenges that hinder the legal system's ability to keep pace with technological advancements. As someone deeply immersed in both the legal and tech spheres, Amber emphasized the urgent need for the law to adapt and evolve alongside technology. She highlighted the importance of legal professionals acquiring the necessary knowledge and expertise to effectively address cases involving intricate tech-related matters. Furthermore, Amber underscored the need for modernizing the day-to-day operations of the court to accommodate the realities of the digital age. This includes streamlining processes, implementing digital tools, and fostering a culture of innovation within the legal sector. Amber's insights serve as a poignant reminder of the pressing need for the legal system to embrace technology and leverage it as a tool for greater efficiency, fairness, and justice. As we navigate an increasingly digital world, it's imperative that the law keeps pace to ensure that it remains relevant and effective in addressing the complexities of our modern society. Our conversation with Amber Ivey shed light on the challenges and opportunities at the nexus of law and technology, sparking important conversations about the future of our legal system in the digital age. I encourage you to listen to the full episode to gain further insights into this vital topic. Full Episode: https://linktw.in/SENtzB #Law #Technology #LegalSystem #Innovation #DigitalTransformation #PodcastInterview

The Implications of Legal Technology ⚖️👨💻 Legal technology is revolutionizing the legal sector by improving efficiency and accessibility, yet it raises complex issues, such as potential bias. Ryan Whalen, in "Defining Legal Technology and Its Implications", describes it as tools and techniques that enable interaction with law. He further outlined the impact of legal technology into three key areas: 1. Substantive Changes: Some technologies alter the very substance of law. Imagine a tool that assesses the degree of innovation in patents, allowing tailored patent terms. Such technology could transform patent law by offering different forms of protection based on the level of innovation; longer protection for more innovative inventions and shorter for less groundbreaking ones. 2. Functional Improvements: Some technologies impact how we interact with the legal system without changing the laws themselves. For example, case management systems can help courts handle more cases, reducing delays and supporting timely justice without altering legal rules themselves. This boosts system efficiency, addressing the principle that “justice delayed is justice denied.” 3. Broader Social Impacts: Legal tech can reshape society indirectly. Take self-driving cars for example, while not strictly legal tech, they interpret and act on traffic laws in real-time. This could prompt new regulations, influence urban planning, and even affect where people choose to live and work. While these tools promise greater efficiency and access, their impact is shaped by societal dynamics. For example, AI-based tools designed to analyze case outcomes or predict sentencing could unintentionally reinforce existing biases if they rely on historical data embedded with prejudice. Thus, legal technology’s potential must be balanced with ethical considerations to ensure it doesn’t exacerbate inequalities within the justice system. Reference Ryan Whalen, 'Defining legal technology and its implications', International Journal of Law and Information Technology (2022) 30 (1) 47-67. https://lnkd.in/dFD34_RX 📸 My colleagues and I Do have a great day! 🌻 ____________________ I am Mercy Aronimo, and I create awareness on the intersection of law and technology, and contribute to the success of a project by managing teams, and influencing the growth and development of a work environment. #projectlawyer #techlaw #technology #law

Join us at the LegalTech Summit for our next panel: "Impact of Technology on the Legal Profession: The Role of Lawyers and Revenue Models." Discover how AI is reshaping legal roles, pricing, and training with insights from industry leaders. Moderated by Tara Vasdani from Remote Law Canada with panelists David Cohen (McCarthy Tétrault LLP), Sukesh Kamra (Torys LLP), Jeff Dutton (Dye & Durham Corporation), and Dana Zuech (Sun Life). Learn about emerging trends, value-based billing, and the future of alternative fee arrangements. Don’t miss this deep dive into the future of legal practice! Learn more here: #LegalTechCA #Tehcnology #Law #CanadaLaw

Bloomberg Law 2025 is here! Our annual series covers the most pressing topics that are shaping the legal landscape and previews what to expect in the year to come. You'll get forward-looking insights into a broad spectrum of topics, like the impacts of AI, challenges to commercial transactions, state privacy law trends, and much more. Download your free copy to prepare for what's ahead! https://lnkd.in/eGHPAf2M #SaaS #innovation #technology #Strategy #Law #Lawtech

Join around 250 law firm leaders on 14 November at the next Law Firm Ambition live webinar on #AI and #automation in #law firms. Registration details are below. Armstrong Watson Jeremy Hyman Brendan Ridge Cathy Kirby