Increased client scrutiny of legal fees has taken a significant toll on law firm profitability. Previously, law firm realization and collection rates would often range from 90 to 95%. However, since …
A recent article in the Illinois Bar Journal asks: “When it comes to optimizing your practice, do you trust your gut? Don’t. If you aren’t using data to measure what works …
For the many lawyers who bill by the hour, time is money. The more time hourly billers spend on billable work for clients, the higher the expected revenue. This is …
DocumentConnex was created with your needs in mind. Take advantage of the application’s groundbreaking technology, so you can sign, verify, and import files in a simple and secure way. As …
Crowdfunding has become an established and viable fundraising tool for the better part of the last ten years. Initially, entrepreneurs found great success funding business ventures and projects for which …
A plethora of recent news reports show how Artificial Intelligence (AI) is being integrated into more and more facets of the professional world each year. In fact, market research company …
The vast majority of law firms use some sort of digital billing or practice management system. However, not all such systems are created equal. New technological advances have made for …
News about “data-driven” solutions in various business verticals is frequent. The good news for lawyers is that the advances in Artificial Intelligence (AI) and machine learning that make the data-driven …
Automation is often seen as a potential industry-wide paradigm shift for lawyers. New York Law Journal’s deputy editor-in-chief Susan DeSantis indicates that some have seen the rapid increase in the …
Keeping up with technological advancements can be challenging, but the alternative could hurt the profitability of your firm, and in extreme cases could even threaten its viability. It’s natural for …
Attorneys need to know as much about a prospective client’s legal issues – and the client – as possible in order to determine whether or not to accept the client. …
Crowdfunding is a go-to fundraising resource for modern entrepreneurs. However, the idea of crowdfunding to finance legal action continues to largely escape popular consciousness. According to a report by the National Association …
Implementing data-driven and online billing solutions is often easy to do, and is also often the most effective way to drive profits per partner and other law firm metrics. This …
There are ways to cope with the stress and pressure while maintaining the pursuit of the ever-elusive work/life balance. The entertainment industry has done an extraordinary job making the legal …
The move toward automation is becoming pervasive in various industries. As with any massive change, apprehension is bound to follow. In the case of automation, much of the angst is …
The concept of crowdfunding is based on the idea that it’s easier to get a lot of people to give a little than it is to get a few people …
Most lawyers are familiar with their ethical obligation to limit their fees to reasonable amounts. Rule 1.5 of the American Bar Association’s Model Rules of Professional Conduct reads: “[a] lawyer …
Business decision making processes are changing with the rise of analytics, cloud-computing tools, and big data. Similarly, the legal sector is also evolving to implement new technologies to improve efficiencies …
Despite the disruptions often involved in implementing new technology, many law firms have discovered that the temporary inconveniences prove valuable in the long-term. For example, in its recent “State of …
No longer is there any need for the legal industry to fall behind in the implementation of AI and machine learning to propel operational efficiencies. FREE TRIAL View Products More …
What is a “reasonable fee”? Articulating a concise yet all-encompassing definition is much more difficult than relying on Supreme Court Justice Potter Stewart’s infamous quote, “I know it when I …
When engaging the services of a lawyer or a law firm, one of the first questions that often arises is whether you can afford the attorney’s fees. Paying for a …
EffortlessLegal LLC, a Chicago-based tech company bringing advanced Artificial Intelligence (AI), automation, and machine-learning technologies to the legal space, announced today that many of its revolutionary applications now work with …
The internet age pulled back the curtain and encouraged disruption in many specialized industries, and the legal field is no longer an exception. Lawyers used to be allowed more latitudinal discretion, …
Innovative solutions for smarter legal billing have arrived to drive revenue increases for law firms while also controlling costs for clients. Although seemingly at odds, data-driven legal billing applications can …
CHICAGO: EffortlessLegal LLC, a Chicago-based tech company bringing advanced automation and machine-learning products to the legal space, announced today the launch of GroupFund Legal, a crowdfunding platform that revolutionizes the …
Many articles have addressed the fact that recent advances in legal technology allow law firms to enhance the delivery of their legal services by automating manual processes using artificial intelligence …
New advances in software automation and its application to legal work are providing opportunities for law firms to significantly reduce overhead expenses and execution timelines, while maximizing productivity. The high …
We know that the film and television industry portrays the legal profession as non-stop excitement and drama, such as in Chicago Justice and Law and Order, but the reality is …
Innovative solutions for smarter billing have arrived to drive revenue increases for your law firm. Lawyers are all too familiar with the rush to get bills out every month. FREE …
Managing local counsel and assembling their billing is a time-consuming challenge. Manual entry and non-compliant billing cause delays in the legal billing process, with both lead and local counsel losing …
Artificial intelligence and machine learning may feel mystical and hard to understand. However, as Arthur C. Clark said, “[a]ny sufficiently advanced technology is indistinguishable from magic.” Machine learning may look …
What metrics does your firm use to determine efficiency and profit? Two commonly used metrics are “realization rate” and “collection rate”. According to the 2018 Legal Trends Report, “realization rates” …
The 2019 ABA Techshow EXPO is a three-day event for lawyers, legal professionals, and attendees to discuss and learn the latest in legal industry technology with over 100 technology vendors …
Cost control has been a hot topic in the legal sector at least since the financial crisis of 2008. The economic downturn led many clients to look more closely at …
With the myriad responsibilities of a company’s legal department, in-house counsel are well served to find the best ways to increase efficiency and productivity. One of the most prominent ways …
Entrepreneurs routinely use crowdfunding platforms to help fund their big ideas. When it comes to crowdfunding for lawyers and legal cases, however, the practice hasn’t quite caught on. Concerns about …
As the digital age has given rise to newer, more efficient technologies, legal professionals have begun to integrate them into standard legal processes. From video conferencing software to voice controlled …
As the ways to utilize artificial intelligence (AI) grow, so do the amount of people implementing this cutting-edge technology to their work. According to Statista, the rate of adoption is …
Are these obsolete technology items still in use? The Rolodex, the rotary telephone, and the typewriter used to be ubiquitous in every office across America. But today, unless you are …
law firm’s efficiency and drive productivity. Nevertheless, less than 30% of law firms have an employee tasked to drive law firm automation, innovation technology, and the same is likely true of corporate legal …
