Latest news with #LawFirms
Forbes
15-07-2025
- Business
- Forbes
Corporate Enabling Functions Have High Hopes For AI, But Few Have A Strategy In Place
In just two-and-a-half years since generative artificial intelligence (GenAI) made its public debut, professionals in enabling functions like corporate tax, trade, legal, and risk and compliance and beyond have quickly shifted from feeling threatened by the technology to viewing it as an essential tool for handling the complex challenges they face daily. From increasing M&A activity and real-time reporting requirements to heightened regulatory volatility, these teams are being asked to do more with less, both in terms of budget constraints and talent shortages, and many now see AI as a potential solution to these problems. Corporates have quickly shifted from feeling threatened by Generative AI to viewing it as an ... More essential tool for handling the complex challenges they face daily According to Thomson Reuters new Future of Professionals Report 2025 [LINK], 81% of these professionals believe that AI will have a high or transformational impact on their profession within the next five years. That's not just speculation. More than half (54%) of corporate tax, trade, legal, and risk and compliance respondents say their companies are already experiencing at least one type of benefit from AI adoption. Mind the Gap In fact, professionals in large corporations are currently leading the way in AI adoption. For example, most corporate legal departments have invested in new AI tools in the past 12 months, compared to only 40% of law firms. It makes sense. While law firms still mainly bill by the hour and aren't always incentivized to streamline their operations, corporate tax, trade, legal, and risk teams have historically been viewed as cost centers, making it a priority—especially in the current economic, regulatory, and geopolitical climate—to find ways to operate more efficiently and add value to the organization. However, despite the current AI enthusiasm across corporate America, a significant divide is emerging between businesses seriously integrating AI into their operations and those merely talking about it. Notably, although 81% of surveyed corporate professionals expect AI to bring major changes to their profession in the next five years, only 48% anticipate seeing these changes this year. Another clear sign that AI optimism is outpacing actual progress in many companies is that just 19% of respondents reported having a formal AI strategy in place to support ongoing AI-related innovation across their departments. Developing a Department-Specific AI Strategy The strategy component of the AI equation is crucial. Looking deeper into the data, we see that, among the 19% of companies with an AI strategy for each specific department, 84% report already seeing a return on investment from AI. In contrast, of the 48% of companies that either lack department-specific AI plans or rely solely on a top-line, company-wide AI strategy, only 33% are currently experiencing a return on investment from their AI efforts. This data supports what I observe daily when speaking with corporate executives about their current challenges. It's easy to see the potential benefits of new AI-powered research, drafting, and workflow tools, but the real value of this technology can only be truly unlocked when these solutions are fully integrated into operational workflows. Successful corporate AI adoption is more than just using a new tool in isolation; it often requires redesigning legacy systems and processes to fully utilize the power of these new technologies across the organization. An Integrated Approach to AI That's the next challenge facing corporations that want to fully leverage AI growth: reinventing workflows and rethinking old methods to become more strategic in supporting key functions within the business. Many are not doing this – or not doing it quickly enough. As more companies adopt AI, those that fall behind will face a significant competitive disadvantage, and it's not just about optimizing performance. The most effective AI integrations are those where frontline workers are informed, engaged, and well-trained. Today, 46% of professionals report substantial AI skills gaps within their teams, and 30% believe their companies are progressing too slowly in AI adoption. Companies with an AI strategy that involves leadership aware of every aspect will find it easier to attract talent and, consequently, build a strong AI foundation.
National Post
11-07-2025
- Business
- National Post
Revolutionizing Legal Billing with Transparent Data by Law Firm & Practice Area
Article content Using state of the art software, AI, and expert legal research, the Legal Pricing Platform identifies, parses and uploads hourly rates that are publicly disclosed, from over 100 sources, of Attorneys and Support Staff at over 3,000 law firms representing over 20,000 companies in 63 countries with rates denominated in 12 currencies. Secondary public records research is performed to complete detailed engagement profiles of the Attorneys and companies involved. Article content Through this process the Platform is able to provide actionable and monetizable data to our client community – large law firms, corporations and consulting firms to make: Article content Direct comparisons between Attorneys and firms (as opposed to general averages of a collection of various firms' rates as found in surveys, e-billing services or online auction sites) and Important pricing and strategy decisions enterprise-wide or engagement-by-engagement for litigation, transactional, advisory and regulatory matters. Article content In the Legal Pricing Platform, all hourly rates, hours and fees for each individual Attorney are cited as to the source. For example, the citation for a court filing includes Case Name, Case Number, Court, Case Filing Date, Filing Number, Filing Description, Attorney and Support Staff listed by Full Name, Client Name, Hourly Rate (Standard, Billed and Discount) of each Timekeeper, Hours Billed, Total Hours and the time period in which the work was performed. As mentioned, further secondary research is required to confirm Attorney experience levels (Graduation and Bar licensure years), Bar State (in the United States) or Bar Country (outside of the United States), Practice Area(s) and primary industry of the Client and Fortune 500 / Global 500 Rank of the Client. Article content Data for all Analytical Reports is downloaded from the Platform and rates are detailed as Average Billed Rates by Annual Revenue Rankings (AMLAW 10, 50, etc.), Firm, Position (Senior Partner: 25 years or more since Graduation Year, Partner: 24 years or less, Counsel, Senior Associate: 5 years or more, Associate: 4 years or less and Support Staff), Practice(s) and Rate Years. Some rates were estimated. Article content In order to provide this detailed level of clarity and transparency, the Platform finds rate information in 1) public records in US Federal Courts: Supreme Court of the United States, Appellate Courts including the Federal Circuit, District Courts, Bankruptcy Courts, Tax Court and Others 2) US State Courts 3) publicly available budgets from Municipalities, Districts (School, Water, Environmental and Others), counties and states where attorneys were hired to perform legal work for the public entity 4) registrations and legal services agreements such as SEC records and other publicly disclosed departmental or agency filings. Article content Since the publisher researches, reviews, and analyzes only publicly available information and cites the source of the information, the United States federal and state court systems easily recognize and accept the validity and veracity of the data in court. The data has been used and cited in several hundred United States federal and state court cases, including the Supreme Court of the United States, Federal District Courts, Appellate Courts, including the Federal Circuit, Federal Bankruptcy and Adversary proceedings, US Tax Court, and major State Litigation Courts. Additionally, the data has been utilized in private arbitrations (AAA and JAMS) and in the United Kingdom. Article content Bennett Jones LLP Bankruptcy/Restructuring/Reorganization Commercial Litigation Corporate/Corporate Transactions & Securities Finance Labor & Employment Mergers & Acquisitions Tax Blake, Cassels & Graydon LLP Bankruptcy/Restructuring/Reorganization Class Action Commercial Litigation Corporate/Corporate Transactions & Securities Employee Benefits Finance Labor & Employment Mergers & Acquisitions Pension & Welfare Real Estate Tax Borden Ladner Gervais LLP Bankruptcy/Restructuring/Reorganization Commercial Litigation Corporate/Corporate Transactions & Securities Finance Labor & Employment Mergers & Acquisitions Cassels Brock & Blackwell LLP Bankruptcy/Restructuring/Reorganization Equities Finance Private Equity Tax Technology including Emerging Technology Dentons Bankruptcy/Restructuring/Reorganization Commercial Litigation Corporate/Corporate Transactions & Securities Finance Mergers & Acquisitions Securities Goodmans, LLP Bankruptcy/Restructuring/Reorganization Commercial Litigation Corporate/Corporate Transactions & Securities Finance Labor & Employment Mergers & Acquisitions Real Estate Tax Gowling WLG Alternative Dispute Resolution Bankruptcy/Restructuring/Reorganization Commercial Litigation Corporate/Corporate Transactions & Securities Environmental Finance Intellectual Property Labor & Employment Mergers & Acquisitions Real Estate Securities Tax McCarthy Tetrault LLP Antitrust Bankruptcy/Restructuring/Reorganization Capital Markets Commercial Litigation Compensation/Executive Compensation Corporate Governance Corporate/Corporate Transactions & Securities Employee Retirement Income Security Act of 1974 Finance Human Resources/Personnel Labor & Employment Mergers & Acquisitions Securities Tax McMillan LLP Arbitration/Mediation Bankruptcy/Restructuring/Reorganization Capital Markets Class Action Commercial Litigation Corporate/Corporate Transactions & Securities Finance Securities Trademark Miller Thomson LLP Arbitration/Mediation Bankruptcy/Restructuring/Reorganization Commercial Litigation Communications Corporate/Corporate Transactions & Securities Creditor Rights Cyber Security Mergers & Acquisitions Privilege Review Supreme Court & Appellate Osler, Hoskin & Harcourt LLP Bankruptcy/Restructuring/Reorganization Capital Markets Class Action Commercial Litigation Corporate/Corporate Transactions & Securities Finance Labor & Employment Litigation Support Services Mergers & Acquisitions Real Estate Research Securities Tax Stikeman Elliott LLP Alternative Dispute Resolution Bankruptcy/Restructuring/Reorganization Capital Markets Class Action Commercial Litigation Communications Corporate/Corporate Transactions & Securities Employee Benefits Environmental Finance Insurance Labor & Employment Mergers & Acquisitions Private Equity Real Estate Securities Tax Thornton Grout Finnigan LLP Bankruptcy/Restructuring/Reorganization Commercial Litigation Creditor Rights Finance Torys, LLP Bankruptcy/Restructuring/Reorganization Capital Markets Commercial Litigation Corporate/Corporate Transactions & Securities Finance Food & Alcohol Industry Intellectual Property Labor & Employment Mergers & Acquisitions Patent Pension & Welfare Private Equity Real Estate Securities Tax Article content Section 2: City Hourly Rates by Law Firm Article content Bennett Jones LLP Calgary Montreal Toronto Vancouver (Canada) Blake, Cassels & Graydon LLP Calgary Montreal Toronto Vancouver (Canada) Borden Ladner Gervais LLP Montreal Toronto Vancouver (Canada) Cassels Brock & Blackwell LLP Calgary Toronto Dentons Ottawa Toronto Goodmans, LLP Toronto Gowling WLG Calgary Ottawa Vancouver (Canada) McCarthy Tetrault LLP Montreal Quebec City Toronto Vancouver (Canada) McMillan LLP Toronto Miller Thomson LLP Toronto Osler, Hoskin & Harcourt LLP Ottawa Toronto Stikeman Elliott LLP Montreal Toronto Thornton Grout Finnigan LLP Toronto Torys, LLP Calgary Montreal Toronto Article content For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Article content Article content Article content Article content Article content Contacts Article content Article content
Reuters
06-06-2025
- Business
- Reuters
Former Manhattan US attorney Williams leaves law firm Paul Weiss
June 6 (Reuters) - Former Manhattan U.S. Attorney Damian Williams has left Paul Weiss, the law firm he joined in January, becoming the latest partner to depart the Wall Street firm since it struck a deal with U.S. President Donald Trump in March to rescind an executive order against it. Williams is joining Chicago-based Jenner & Block, the firm said on Friday. Jenner sued the Trump administration to block a similar Trump order and won a ruling last month permanently blocking it. Jenner's announcement did not mention its fight against the Trump administration or the Paul Weiss deal. Paul Weiss did not immediately respond to a request for comment. Williams was not immediately available for comment. In a statement, he said Jenner 'fearlessly advocates for its clients and provides outstanding strategic counsel through their most difficult challenges.' Jenner said Williams, an appointee of former Democratic President Joe Biden who led the U.S. attorney's office for the Southern District of New York from 2021 to 2024, will co-chair the firm's litigation department and investigations practice. Jenner was one of four law firms that sued the White House challenging an executive order that sought to strip government contracts from the firms' clients and to bar attorneys at the firms from entering federal buildings. Paul Weiss instead agreed in March to devote $40 million in free legal services to causes approved by the administration in order to escape the order against it. The firm's chairman Brad Karp has defended the agreement, saying it was necessary to protect the firm and did not compromise its principles. Eight other prominent firms later reached similar deals with the White House. Five partners, including Karen Dunn, left Paul Weiss last month to form a new firm. They did not cite the agreement with Trump in their announcement.
CNN
27-05-2025
- Business
- CNN
Judge strikes down executive order targeting WilmerHale in latest blow to Trump's retaliation against major law firms
A federal judge on Tuesday struck down an executive order signed by President Donald Trump earlier this year targeting the elite law firm WilmerHale, becoming the latest jurist to permanently block enforcement of an order they concluded is unconstitutional. The ruling from US District Judge Richard Leon, an appointee of former President George W. Bush, represents the third time this month that a judge in Washington, DC, has ruled against Trump in his efforts to punish law firms that have employed his perceived political enemies or represented clients who have challenged his initiatives. The 73-page preliminary injunction, which is replete with exclamation marks, is a striking rebuke of Trump's order targeting WilmerHale. The executive order, like others aimed at different firms, denied WilmerHale attorneys access to federal buildings and retaliated against firm clients with government contracts. It also suspended security clearances for lawyers at the firm. 'Any one of those sanctions would cause clients to strongly reconsider their engagements with WilmerHale,' Leon wrote. 'Taken together, the provisions constitute a staggering punishment for the firm's protected speech! The Order is intended to, and does in fact, impede the firm's ability to effectively represent its clients!' The judge said the executive order signed by Trump in late March violates the firm's First Amendment rights and its right to due process. WilmerHale is one of the largest law firms in Washington — and former professional home to onetime special counsel Robert Mueller, who oversaw the investigation into Russian meddling in the 2016 election and is now retired. The firm is also often at the heart of politically charged disputes, especially related to congressional probes, Justice Department enforcement and in the tech industry. In recent years, lawyers from WilmerHale represented Twitter — now Elon Musk's X — when special counsel Jack Smith sought and obtained some of Trump's private social media data. Its attorneys are also frequently behind liberal-leaning political causes that make their way into court. After the firm rushed to court to challenge the order, Leon halted nearly every part of the order. Trump's executive order claimed that WilmerHale has 'abandoned the profession's highest ideals and abused its pro bono practice to engage in activities that undermine justice and the interests of the United States.' The order specifically noted Mueller's ties to the firm. Tuesday's ruling comes several days after a different judge in Leon's courthouse — John Bates — issued a similar ruling overturning Trump's order targeting the firm Jenner & Block, which also has connections to Mueller. And earlier this month, a third judge in the same courthouse permanently barred the government from enforcing a separate order from the president that sought to punish the firm Perkins Coie.
Washington Post
23-05-2025
- Politics
- Washington Post
No, Trump can't force his agenda on U.S. entities. They have rights.
Mitchell Berman is a professor of law and of philosophy at the University of Pennsylvania. Universities refuse to fully dismantle their DEI programs? The Trump administration withdraws billions of dollars in federal funding, and cancels visas for their foreign students. Law firms won't donate their services to causes that President Donald Trump favors? Trump cancels their lawyers' security clearances and refuses to deal with their clients. Journalists still call the Gulf of Mexico 'the Gulf of Mexico'? Trump pulls their credentials for press briefings. The state of Maine allows some transgender athletes to compete on some girls' and women's sports teams? Trump threatens to cut off federal funding for its public schools.
