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.
Risk management is a huge topic these days with organizations looking for solutions to help them manage enterprise and operational risk across the departments and functions. However, there are many risk management technology projects that have failed to meet expectations, have gone over budget, and well past project deadlines. Why? . . . there are many reasons.
Let’s face it – practicing in 2014 is harder work than it was in 2004 and harder than it was in 1994. Why? A lot of it stems from being able to manage the proliferation of huge volumes of electronic data which has increased both the complexity and cost of litigation.
The allegations are prima facieawful. In-house lawyers defending wrongful death claims knew for eleven years that some GM vehicles had an ignition flaw that could cause accidents. They didn't report the flaw internally or to regulators because they didn't want to prejudice GM's position in ongoing or future litigation.
According to The Billing Rate Reference 2014, a new report jointly created by Law360 and BTI Consulting Group Inc., the average senior partner rate at large firms, with 400 or more lawyers, was $724 per hour; at midsize firms, with 150 to 399 attorneys, was $541 an hour; and at small firms, with fewer than 150 lawyers, was $445 an hour.
Sweeping changes are underway, and the legal industry will never be the same. Many lawyers prefer not to think about it and just go about their ways. But those same lawyers are at a much higher risk of being out of work within the next decade. It’s time to reinvent the practice of law. And it starts with having a firm understanding of how the market operates, and what clients are demanding from their legal services. Here are 3 major changes reshaping the legal industry today.
Five Areas of Compliance Concern: While the compliance function and responsibility varies according to industry and company size, the primary focus of the compliance practitioner is to establish standards for ethical business conduct.
In-house legal functions are populated with intelligent, well-educated and hard-working individuals. They operate, individually and as a collective, at the most senior levels within your business. And the advice that they give is crucial to your sustained commercial success.
Knowledge Management… the fountain of resilience, adaptation, innovation and sustainability (and buzzwords!)
It goes back a long while that I’ve been asking myself what KM is and why it matters. This morning, while running, it struck me: it is just what makes us more resilient, adaptive and innovative, beyond the immediate challenge we are facing. Incidentally, KM is also dangerous with that ability to catch all buzzwords in its trail (resilient is the new adaptive, and innovation is the talk of E-town)…
UTBMS stands for the Uniform Task Based Management System, a series of codes used to classify the legal services performed by a law firm in an electronic invoice submission.