Nimble Trends - 15 December 2017

From major legal industry trends to the utterly ridiculous, here are the trends in the legal industry we've been reading about this week.

Legal Industry Trends

Clients are law firms’ biggest competitors as they continue to bring more work in-house.  http://www.globallegalpost.com/big-stories/clients-are-biggest-competitors-to-law-firms-64333146/

Technology is driving change in the delivery of legal services and legal related services.  https://www.law.com/corpcounsel/sites/corpcounsel/2017/12/12/its-all-about-transformation-for-netapp-gc-matthew-fawcett/

 More law firms are moving into legal adjacent services to compete with the Big 4 accounting firms.  We think this is the wave of the future.  And this is what Clifford Chance announced this week.  We’re open to discussing strategic partnerships with law firms.  https://www.thelawyer.com/clifford-chance-sets-global-tech-group-big-four-move/

Another BigLaw law firm names a Global Chief Innovation Officer.  But these positions only mean something if they have funding and support.  https://biglawbusiness.com/dentons-names-chief-innovation-officer/

Demand for legal services are down in 2017 reports Citibank and they predict that there will be increased law firm merger activity in 2018.  Citibank also reports that boutique firms could do well in this environment.  If you're thinking of starting a boutique, Nimble can help assess what systems, technologies, and processes would help your boutique thrive.  https://biglawbusiness.com/citi-analysts-predict-law-firm-consolidation-in-2018/

More on expected increase in large law firm mergers in 2018.  https://www.law.com/newyorklawjournal/sites/newyorklawjournal/2017/12/13/amid-law-firm-merger-boom-transformational-talks-on-the-rise/

Law Firms

Boutique firms are giving out some huge bonuses to associates and using it as a recruiting tool.  https://www.law.com/americanlawyer/sites/americanlawyer/2017/12/11/boutiques-aim-to-blow-the-lid-off-with-associate-bonuses/

Banking your practice on the next legal topic du jour can backfire.  https://abovethelaw.com/2017/12/can-you-really-make-money-banking-your-practice-on-the-next-big-thing/

Partner suspended for billing practices.  https://www.law.com/corpcounsel/sites/dailyreportonline/2017/12/12/barnes-thornburg-partner-is-suspended-for-2-years-for-billing-misconduct/

Law Departments

Law Departments have been operationalized and need legal service providers that can support this with investment in and actual adoption of legal technologies and that can provide cost certainty.  https://abovethelaw.com/2017/12/7-tips-for-outside-legal-resources/

The Top Paying General Counsel Jobs are in some sticky industries.  https://abovethelaw.com/2017/12/top-industries-for-general-counsel-pay-shows-the-price-of-your-soul/

The law department must be a strategic partner, deliver tangible returns, provide accurate information, and deliver efficient service.  All of this can be delivered via an Enterprise Legal Management Software platform, which SURPRISE LexisNexis is trying to sell.  http://businessoflawblog.com/2017/12/best-ways-to-maximize-the-value-of-your-legal-department/

Cyber Security

ALM’s 3rd Annual Survey shows that law firms and law departments are increasingly being tasked by company management to take the lead in Cyber Security.  However, both law firms and law departments continue to struggle with their preparation and response to cyber threats.  https://www.law.com/sites/ali/2017/12/10/the-state-of-cybersecurity-in-the-legal-industry-are-things-improving/

Data Privacy

New guidance issued by the EU on determining adequacy of other countries data privacy laws.  https://biglawbusiness.com/eu-privacy-chiefs-update-guide-for-countries-seeking-privacy-ok/

Compliance

A great interview on the many issues facing Chief Counsels who are building out multi-jurisdictional compliance frameworks for Cannabis companies.  https://biglawbusiness.com/cannabis-company-green-thumbs-chief-counsel-talks-compliance/

Diversity and Inclusion

2017 may have been a turning point for Diversity and Inclusion in the Legal Industry as the conversation has shifted “from aspirational to actionable.”  Law departments are threatening to withhold work if diversity goals are not met.

https://biglawbusiness.com/year-in-review-diversity-inclusion-in-the-legal-industry/

Ridiculous

$4 Million Birthday Party for this Lawyer’s Son.  https://abovethelaw.com/2017/12/lawyer-spends-4-million-on-sons-birthday-party/