Here’s what’s trending in the legal industry: what it takes to be General Counsel, California proposal to allow non-lawyers to own law firms, Chief Compliance Officers are being arrested, New Law competition, Lawyers are in the information business and much more!
Contract management software is all the rage and for good reason. Most companies have executed contracts stored across a smattering of email inboxes, shared drives, internal SharePoint sites, files cabinets, and office drawers. BUT just because a particular contract management software product has some exciting features it doesn’t mean that is the RIGHT product for your organization. For more on key features read our blog post: “The 7 Features You Need in a Contract Management System”. Here are 8 reasons why your contract management software isn’t being adopted:
On April 3, 2019, Nimble held its 7th Forum: the Nimble Legal Innovation Forum. Our first panel, “Approaches to Legal Innovation” was awesome. So much insight from both law firm leaders and law department leaders.
Here are some highlights but really watch the video above so you don’t miss any of the great insight that the panel shared:
Here’s what’s trending in the legal industry: (1) law firms struggle to compete with alternative legal service providers, (2) 6 skills to get an in-house position, (3) law department workloads are increasing, (4) how not to piss off clients, (5) take advantage of any opportunity to grow, and much more!
On April 3, 2019, we held our first Nimble Forum on Legal Innovation. We brought in panelists from Denver, New York City, Washington, D.C, Pittsburgh, Minneapolis, Raleigh. and also showcased some of Cleveland’s legal industry experts.
Here are some of the Key Takeaways from our Panelists:
Last month, Axiom, an alternative legal service provider, filed a draft registration statement with the SEC to hold an initial public offering of shares of stock. This is a big deal in the legal industry. Law firms are not able to be publicly traded in the U.S. as ethical rules prohibit ownership of a law firm by non-lawyers. This limits the ability of law firms to raise capital. The ability of an alternative legal service provider to raise capital by selling its shares of stock on stock exchange is a real competitive advantage.
Innovation in the legal industry isn’t limited to just technology. It takes many forms. A recent post by Roy Strom in the American Lawyer titled “Are Lawyers Ready to be Managed by Metrics?” and our April 3rd Nimble Legal Innovation Forum in Cleveland got me thinking about all the different ways innovation is taking hold in the legal industry. There will always be detractors because as Roy Strom wrote the “Legal Industry is painfully slow to adopt major changes, and lawyers often say work can’t be easily categorized or simplified.” The reality is major change is happening right in front of us and if you’re not paying attention you’ll get passed by. Here are 5 forms of Legal Innovation:
Law firms are increasingly turning to alternative legal service providers (or law companies) for strategic business reasons according to a new report by Thomson Reuters “Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity”.
Here’s what’s trending in the Legal Industry: (1) Best Legal Blog Posts of 2018, (2) Hot Market for Legal Operations, (3) Leveraging Artificial Intelligence, (4) Smart Contracts, (5) 2019 Legal Market Outlook, (6) Underpaying Associates, (7) 20 Most Important Legal Tech Developments of 2018, and more!