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According to the 2025 In-House Legal Budgeting Report from Axiom and Wakefield Research, 96% of general councils said they expect “AI will meaningfully reduce costs within their legal department.” In 2025, these technologies will revolutionize legalresearch, document review, and case predictions.
They say time is moneyfor lawfirms, every billable minute counts toward profitability. Yet many firms struggle to capture the full value of their work. In this post, well explore how passive time tracking is helping lawfirms maximize revenue, increase operational efficiency, and reduce administrative burdens.
In our forthcoming Spring 2025 publication, Fighting the Hypothetical: Why LawFirms Should Rethink the Billable Hour in the Generative AI Era, [1] we hypothesize that Generative AI (GenAI) technology will change forever how legal services are delivered and will force lawfirms to re-engineer their legacy economic model.
For benchmarks to be valuable, they must test real-world problems that legal professionals face and measure what customers care about. The challenge is one-dimensional metrics do not offer a reliable representation of the real value of GenAI in the legalresearch process.
I’m holding a FREE 5-Day Paralegal Challenge that kicks off on March 24, 2025. ” Years ago, when I was doing management consulting with lawfirms, an attorney told me something I’ve never forgotten. Or you can listen to the audio version in the player right here. Also, I’ve got an invitation for you!
The post Digital Transformation for LawFirms: A Guide to Modernizing Your Practice appeared first on Rocket Matter. Today, better and expedited access to legal services is simply a baseline to meet, not a privilege. The answer is simple: a lack of digital transformation in lawfirms.
In fact, Statista reports that global revenues from enterprise applications making use of AI are expected to increase by almost $30B by 2025. With such monumental growth, it’s no wonder the legal industry is getting in on the action. As luck would have it, the legal field is fertile ground for the benefits of AI technology.
For those who are new listeners and dont know what that means Lets say that youre a litigation paralegal working in a lawfirm that barely ever goes to trial. So youre really good at drafting discovery, doing legalresearch, managing document productions, etc. Be the AI expert at your firm. Get ready for it now.
During the COVID-19 pandemic, corporate legal departments and lawfirms around the world struggled to meet the new normal’s demands. Organizational restructuring and changing legislation have resulted in increased legal spending. billion of the worldwide Legal Process Outsourcing (LPO) requirement by 2025.
We expect to grow as the legal industry becomes more comfortable with AI. AltFee Elevator Pitch: AltFee revolutionizes lawfirm pricing by offering a foundation for alternative fee structures. Another example is our Directory of Alternative Fee Providing LawFirms. We have small and midsize lawfirm customers.
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