New York Pulse

Expert Analysis

• 7 AI Training Tips For Law Firm Summer Associate Programs

  Law firms trying to weave artificial intelligence into summer associate programs should build a program that isn't really about AI but teaches students how to think about using AI, with the goal of building judgment, understanding implications and leveling up in a way that's repeatable, says Zeynep Ersin at Seyfarth.

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  Biz Development Tip Of The Month: Don't Obstruct Knowledge

  Lawyers and firms should treat knowledge transfer as a business development function, using the sharing of context and institutional know-how to preserve continuity through change, strengthen relationships and create long-term competitive advantage, says Mark Wraight at Stinson.

• How Private Equity Priorities Will Test The Law Firm Model

  The biggest question about private equity moving into the legal sector is no longer whether it can financially succeed, but how law firms can contend with the unavoidable economic, institutional and ethical tensions introduced by external ownership without compromising their core professional commitments, say Kirsten Vasquez and Allison Rosner at Major Lindsey.

• AI-Powered Search Demands New Legal Marketing Playbook

  As potential clients use artificial intelligence tools instead of search engines when looking for counsel, it is a democratizing moment for specialized midsize firms and a compression threat for generalist big-firm brand positioning, says Ronn Torossian at 5WPR.

• What Law Firm MSOs Can Learn From Accounting Co. Model

  Private equity capital has been flowing into accounting firms for years, with investors developing creative structures to work within that field's specific ownership restrictions, and the framework developed by these transactions offers valuable insights for law firms looking for outside investment, says Russell Shapiro at Levenfeld Pearlstein.

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  Legal Tech Talks: StrongSuit CEO On The AI Gold Rush

  Justin McCallon, CEO of StrongSuit, discusses how the potential for automation and insight generation with artificial intelligence is massive, but that in legal work, especially litigation, the margin for error is essentially zero.

• How Leaders Can Foster Professional Growth With Feedback

  When law firm leaders provide work product feedback by identifying errors instead of offering guiding input, they miss a key opportunity to treat feedback as a professional development and leadership tool, but several practices can help bridge the gap between intent and impact, says Janet Jackson at Well-Law.

• Why Marketing Teams Are Vital For Law Firm AI Storytelling

  Many law firms are using generic decks for multiple client presentations to articulate their artificial intelligence strategy, but in order to differentiate themselves, it's important to bring marketing teams into the fold to identify what's actually distinctive about how a firm uses AI, says Eric Greenberg at Cox Media.

• Legal Marketing Conference Highlights Pivotal Time For Firms

  The Legal Marketing Association's recent annual conference underscored how advances in artificial intelligence and shifting client expectations are causing law firms to evolve into more structured, data-driven businesses that place greater emphasis on strategy, implementation and measurable results, say Maria Aronson and Gina Rubel at Furia Rubel.

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  Biz Development Tip Of The Month: Build Relationship Habits

  Meaningful relationships are foundational to business development, and they can be deliberately fostered through a set of habits for authentically, intentionally and consistently connecting with clients and colleagues — starting with people you already know and like, says Matthew Moran at V&E.

• Legal Leaders Are Asking The Wrong Questions About AI

  Artificial intelligence is already woven into everyday work for attorneys, so beyond questioning whether AI was used and approving such tools, legal leaders need to create a shared foundation for what good AI use looks like on their team, says Alex Denniston at Factor.

• In-House Leaders Can Turn Contract Data Into Growth Insight

  A company's contracts contain final, negotiated commercial commitments that reveal important growth, revenue and strategy insights, but for organizations that aren’t making two key structural changes, the information tends to remain within the legal department — untranslated and unused, says Shimane Smith at NerdWallet.

• PE's Path In UK Legal Market Offers Playbook For US Firms

  The U.K. offers 14 years' worth of data on private equity's involvement in the legal market, demonstrating for U.S. firms what worked, what didn’t and why, and illustrating several lessons about operational readiness, cultural fit and timing, says Tom Lenfestey at The Law Practice Exchange.

• 8 Mistakes That Derail Law Firms' Sector Strategies

  When firms attempt to deliberately organize their expertise, client relationships, business development, and thought leadership around specific industry verticals – sometimes called industry sector programs – several missteps commonly arise, but with discipline and alignment any firm can successfully grab market share, say Heidi Gardner at Harvard Law School and David Harvey at Harvey Global Consulting.

• Making Legal Cents: A Strategic Plan For Lateral Partner Hires

  Firms of all sizes are accelerating lateral hiring of experienced partners because investing in senior expertise can pay off big — but for such an investment to work, firms need a disciplined strategy for vetting candidates, supporting their integration, and ensuring they'll generate real returns, says Shireen Hilal at Maior Strategic Consulting.