Lex Connect Curated Reading List
Fear not, we have curated the best Legal Operations & Legal Technology blog and articles.
Enjoy your 30 minutes power reading.
The momentum has been growing slowly for years but it seems in-house counsel are ready and want to trade in the billable hour model for something more progressive.
Law firms have been calling for the end of the billable hour for decades. And since the 2008 recession, they have increasingly offered cost-conscious clients alternative fee arrangements.
The “traditionally wide” knowledge gap between lawyers and consumers is “narrowing all the time”, Canadian futurologist Jordan Furlong told delegates at this week’sLegal Futures Annual Conference.
While I am fairly certain that Chief Compliance Officers (CCOs) and compliance practitioners understand the need for the integration of compliance into the day-to-day business operations of a company, many business types still view compliance “as a constraint on managerial decisions, primarily perceiving” compliance as simply a cost.
Given the growth in the amount of data businesses create and store, it’s a good point in time to determine how companies and law firms are working with eDiscovery and computer forensics.
In my previous post, I identified a number of themes that weaved their way through the sessions I attended at the annual conference of the International Legal Technology Association (ILTA) in August. I did note, however, that one session, entitled Do Robot Lawyers Dream of Billable Seconds?, was particularly provocative. I therefore opted to devote a full post, namely this one, to that one session.
The CLO creates firm value when financial mismanagement occurs. Firm BHARs increaseby 1% when the CLO is one of the top five highest compensated executives; thisincreases to nearly 4% for firms that have or will become targets of shareholder classactionlawsuits. We consider two possible channels for this added value: legal expertise and internal monitoring.
We distinguish between the two by examining the effect ofgovernance, opacity, turnover, and valuation on CLO standing. We conclude that it isthe monitoring function rather than her legal expertise that is the source of the CLO’sgreatest contribution to the firm.