February 23, 2024

Law Firms Need to “Fail Fast” When Implementing an AI Strategy

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Law firms may have been a bit cautious about the emergence of generative artificial intelligence (Gen AI) technology, but they are quickly acquiring Gen AI tools and trying to figure out how to integrate them into their workflows. Legal tech experts advise the best thing they can do right now is take a moment to set their Gen AI adoption strategy. ...

February 16, 2024

Integrating Generative AI into a Lawyer’s Workflow

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Legal AI — Gen AI tools trained for the legal profession — is transforming the practice of law right now, enabling lawyers at firms who are adopting these tools to draft legal documents faster than ever, according to panelists at one of the featured sessions during a recent Wall Street Journal event for law firm managing partners that was...

February 16, 2024

Law Firms Pursuing New Lines of Business Due to Emergence of Gen AI

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Nearly one-half of law firms are exploring new billable opportunities and developing potential new lines of business made possible by Generative Artificial Intelligence (Gen AI) technologies, according to our newly released 2024 Investing in Legal Innovation Survey: The Rise of Gen AI at Top Firms & Corporations . In January of 2024, LexisNexis...

February 12, 2024

March Madness Office Pools are Fun, But Are They Legal?

The annual NCAA men’s and women’s basketball tournaments will soon get underway, a time of excitement for college sports fans and an occasion for massive sports gambling in the U.S. Most of this wagering takes place in licensed casinos and sports books, but a lot of it takes place in break rooms and office cafeterias in the form of the traditional office pool. Over a Third of Americans Plan to Take Part...

February 09, 2024

Biggest Law Firms Making Major Investments in Generative AI

By Geoffrey D. Ivnik, Esq. | Director Large Markets, LexisNexis Nearly all large law firms expect their investment in Generative Artificial Intelligence (Gen AI) technologies to increase over the course of the next five years, but a potential gap may be emerging between the very largest firms and their peers. Forty-three percent (43%) of the 200 largest law firms (Am Law 200) have a dedicated budget for investing...

February 09, 2024

The Disconnect Between Law Firms and Clients on Use of Gen AI

By Geoffrey D. Ivnik, Esq. | Director Large Markets, LexisNexis Senior leaders at large law firms and executives in corporate legal departments are largely in agreement that Generative Artificial Intelligence (Gen AI) tools are likely to have a dramatic impact on the practice of law in the years ahead. But there are some notable and intriguing gaps between how firm leaders and their clients are thinking about a future...

January 30, 2024

Generative AI for Legal Professions: 5 Ways Lexis+ AI™ Drives Better Outcomes

How dominant is the buzz in the legal industry about the rise of Generative Artificial Intelligence (Gen AI) in 2024? When Law360 Pulse interviewed some of the leading legal tech experts about 8 Bold Legal Technology Predictions For 2024 , all eight of them were predictions regarding the adoption of AI. Of course, the emergence of Gen AI tools in the legal industry will be felt in different ways by different users and...

January 24, 2024

3 ways AI can help draft legal documents faster

Last year we conducted the most extensive international legal profession study of generative AI and its potential impact on the practice of law, surveying 7,950 lawyers, law students and consumers across the U.S., U.K., Canada and France. Our study found that in-house counsel envision a future in which the practice of law is improved by the use of AI, with 67% of U.S. corporate counsel respondents expecting their lawyers...

January 10, 2024

Corporate Legal Trends for GCs to Monitor in 2024

Corporate executives were forced to navigate some choppy waters in 2023, from the sudden emergence of new Artificial Intelligence (AI) applications and ongoing cybersecurity threats to the challenge of managing significant workforce reductions at many large companies. One common thread for how corporations worked their way through these minefields was the increasingly strategic role of the general counsel. “For...

January 08, 2024

AI and Ethical Concerns for Legal Practitioners

By Tracy Duplantier Practicing lawyers knows that Rule 1.1 of the ABA Model Rules of Professional Conduct requires that “a lawyer shall provide competent representation to a client” and that this duty “requires the legal knowledge, skill, thoroughness and preparation reasonably necessary for the representation.” More than 40 states have adopted Comment 8 to Rule 1.1, which says that “to...

December 12, 2023

AI goes to law school

By Kristen Baginski and Celeste Pometto DiNicola The commercial launch of ChatGPT just one year ago brought artificial intelligence out of the category of futuristic technologies with vague applications and directly into Americans’ living rooms for the here and now. We slowly began to recognize the extraordinary potential of AI in our day-to-day lives as consumers, students and knowledge workers. But most legal...

November 17, 2023

Lessons from the SBF Saga: Tips for GCs On Hiring a Forensic Accounting Team

After a two-week trial, and just four hours of jury deliberations, Sam Bankman-Fried was found guilty on seven counts of fraud and conspiracy on November 2 nd for his role in the collapse of cryptocurrency exchange FTX. Bankman-Fried was convicted of “defrauding customers who placed billions of dollars with the fallen cryptocurrency exchange and of fleecing its investors,” reported Law360 . The FTX and...

October 25, 2023

How Generative AI Can Enhance Legal Research Responsibly

Legal professionals are now moving beyond the initial hype surrounding generative artificial intelligence (AI) technology and taking a clear-eyed look at specific potential use cases for AI tools in the practice of law. The LexisNexis International Legal Generative AI Study found that two-thirds (65%) of lawyers foresee the highest potential for generative AI tools is to assist them in researching matters. This topped...

October 25, 2023

How AI Can Assist Lawyers with Client Correspondence

How AI Can Assist Lawyers with Client Correspondence The legal industry has now moved past the hype surrounding the emergence of generative artificial intelligence (AI) technology as we dive into practical explorations of specific use cases for AI within the practice of law. The LexisNexis International Legal Generative AI Survey — in which LexisNexis queried nearly 8,000 lawyers, law students and consumers...

October 24, 2023

Antitrust Healthcare Guidelines for Small Firm Counsel

Summary: Developing a Strong Antitrust Foundation Cost-Effective Risk Assessment Leveraging Agency Precedent for Smaller Clients Building Relationships with Specialists Avoiding Small Firm Overconfidence The complex world of healthcare antitrust, once dominated by massive mergers and conduct cases involving giant insurers and hospital chains, has expanded its reach to envelop even solo practitioners...

October 20, 2023

Navigating Healthcare's Cybersecurity Challenges: Unveiling Pain Points and Solutions

The convergence of cybersecurity and cyber technology is an important issue in the fast-changing world of healthcare, where cutting-edge technology enhances patient care and research. The healthcare sector benefits from innovation but also faces difficult challenges related to protecting private patient information and preserving the integrity of interconnected systems. Recent have demonstrated the pressing necessity...

October 19, 2023

Antitrust in Healthcare: An Overview of Issues for Attorneys

Summary: Mergers and Acquisitions Anticompetitive Conduct Insurance and ACO Antitrust Navigating Antitrust Agencies and Regulations Role of Antitrust Counsel in Healthcare Researching Antitrust Issues in Healthcare Over the past few decades, antitrust enforcement has become increasingly prevalent in the healthcare industry. With rising healthcare costs, consolidation among hospitals and insurance providers...

October 17, 2023

Legal AI vs. ChatGPT: What Makes Them Different?

The commercial launch of ChatGPT in November 2022 touched off a global frenzy of excitement — and consternation — about the new technology known as generative artificial intelligence (AI). We all learned quickly that generative AI tools represent an entirely new area of innovation because this technology is designed to actually create new content in the form of images, text, audio and more. Since the introduction...

October 06, 2023

Corporate Legal Department Hiring Accelerates as Companies Bring More Work In-House

With corporate budgets tightening this year, most general counsel have been forced to scrutinize their spending across the board. One strategy they appear to be embracing is to bring more work in-house as a means of increasing efficiency and better controlling expenses. “In-house counsel hiring is on the rise,” reported Law360 . “Companies are moving cautiously in these economic times, but a just-released...

September 29, 2023

Discovering the Legacy: 10 Famous Hispanic Lawyers Who Shaped History

Summary Click on an attorney to jump to their bio: Manuel J. Ruiz, Jr. Reynaldo Guerra Garza Raúl Héctor Castro Antonia Hernández Cruz Reynoso Sonia Sotomayor Antonio Villaraigosa Alberto Gonzales Linda Sánchez Tom Perez When we think of influential figures in the legal field, the names of Hispanic lawyers often stand out for their remarkable...

September 28, 2023

Emergence of AI-Related Legislation Points to New Frontier for Corporate Compliance

Few technology innovations in recent memory have touched off the wide range of emotions in social conversation as the nascent category of generative artificial intelligence (AI) tools. Depending on whom you ask, generative AI either represents an exciting breakthrough in human creativity, a terrifying new world of deepfakes run amok, or both. After spotting the tech industry a head start since the launch of ChatGPT...

September 20, 2023

Arbitration vs. Litigation: Making the Right Choice

Summary: What is Arbitration? Is Arbitration Better than Litigation? Why Choose Litigation Over Arbitration? Other Factors That Influence the Path to Arbitration vs. Litigation What is a Disadvantage of Arbitration? Differences Between Arbitration and Litigation Choosing the Right Path for Your Firm Attorneys often face critical decisions that can significantly impact their clients' cases and...

September 13, 2023

Six Budget-Friendly Marketing Ideas for the Small Law Firm

This post was originally published in October 2018 and verified in September 2023. So, you’re a skilled lawyer working for a small (or solo) law firm - though it may be tempting to assume your reputation or skill alone is enough to attract a strong client base, don’t be fooled. As with any business, a good marketing strategy is paramount to success. Though small firms may not have the luxury of dedicated...

September 13, 2023

Small Law Firm Budget: Tips for Managing Finances Effectively

As a solo or small firm attorney, managing your law firm's budget is a crucial aspect of running a successful practice. Staying financially sound allows you to focus on serving your clients without the added stress of financial concerns. In this article, we'll explore essential tips to help you effectively manage your small law firm budget. Setting Clear Financial Goals To start, you need to establish clear...

August 31, 2023

Top 8 Legal Areas Impacted by Generative AI: Where In-House Legal Teams Need to Focus

In-house counsel across all industries have indicated that they are prepared for the emergence of artificial intelligence (AI) tools and applications within the legal profession. A recent survey by LexisNexis found that more than two-thirds (67%) of in-house lawyers expect the law firms they work with will use cutting-edge technology, including generative AI, and 58% indicated that they expect their outside counsel to...