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:
A recent Insight post by Rachel Gezerseh entitled “INSIGHT: Big Law Needs to Better Connect With Associate Talent - Cocktail Hours Aren’t Enough” got us thinking about some ways that law firms can improve both their hiring and retention efforts. We recently were interviewed by Columbus Business First regarding what law firms are doing to attract and retain millennials in the article , “Law Firms Focus on Flexibility, Happiness in the Race for Talent”. The author of the article, Laura Newpoff, interviewed us after viewing our 2018 Lawyer Happiness Survey Results, which among other things found that Generation X and Income Partners at law firms were the least content.
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”.
Following in the footsteps of other industries, U.S. law firms are finally embracing an agile workforce according to a recent article from the American Lawyer entitled “Amid Concerns Over Lawyer Workloads, U.S. Firms Embrace Agility”. Law firms like Orrick, Hogan Lovells, and Linklaters all have established firm policies aimed at enabling an agile legal workforce.
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!
With 2018 winding down we are reflecting on what a great year 2018 was! We’ll have a bigger announcement soon but our Blog recently won The Expert Institute’s Best Legal Blog for the Legal Tech category! We’ve heard the “12 Days of Christmas” repeatedly this month so as 2018 comes to a close here are Nimble’s Top 12 Blog Posts from 2018:
We write about trends in the legal industry and one trend in 2018 are the various claims of gender bias in the legal industry in 2018. The most recent piece of evidence is the partner announcement at Paul Weiss that optically is about as tone deaf as you can get…
According to data from Altman Weil’s MergerLine TM, the legal industry has averaged 80 law firm mergers per year since 2013. The ongoing volatile legal market means more law firm merger activity will continue to occur. The vast majority of acquisitions are of law firms with 20 lawyers or less. Based on the data from Altman Weil’s MergerLine TM, here are 5 law firm merger trends:
Here’s what’s trending in the legal industry: (1) 5 Simple Business Development Strategies, (2) Law firm revenue is up in 2018, (3) Artificial Intelligence outperforms lawyers, (4) Top Legal Blog Nomination, (5) Associate Bonus Season, (6) Law Departments are sending less money to Big Law, and more!
Law firm lawyers should spend at least 20% of their time on business development. When working with law firm lawyers on business development coaching and leadership development it has become abundantly clear that while every firm wants their lawyers to be developing new business, there is no target or stake in the ground to guide lawyers on business development expectations.