August 01, 2024

Trust me I’m an AI: Winning lawyers will rethink the way they work

By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis The transformative nature of Legal AI, generative artificial intelligence (Gen AI) technology trained for the legal profession, is destined to change the way that law firms work — but the firms who will see the greatest benefits from these tools will be the ones that are willing to develop new skills and new ways of thinking with their lawyers...

July 31, 2024

Climate Risk Management in Insurance: Trends and Takeaways

The insurance industry faces unprecedented challenges due to climate change. According to a report conducted by Ceres Accelerator for Sustainable Capital Markets , as extreme weather events become more frequent and severe, insurers must grapple with the impact on their investments, risk management strategies and overall business operations. The Highlights Of the 516 insurance groups who submitted responses, 94% of...

July 31, 2024

Buying Assets in Bankruptcy: 10 Essential Tips for In-House Counsel

Petersen Health, an Illinois-based company that operates nursing facilities in the Midwest, filed for Chapter 11 bankruptcy protection in March 2024. Within one month, the company had received 20 bids from potential buyers seeking to purchase various Petersen assets out of the bankruptcy proceedings and, on July 3, Law360® reported that U.S. Bankruptcy Judge Thomas Horgan granted permission for them to accept the...

July 25, 2024

New Revenue Streams: Getting the right skills in place is essential

By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis The rising adoption of generative artificial intelligence (Gen AI) technology in the legal profession is having an impact on all areas of law firm operations, including staffing decisions. Nearly four in 10 (38%) of senior Am Law 200 lawyers say their firms are planning to hire technologists such as data scientists or engineers to support their...

July 25, 2024

Trust me I’m a legal AI: how to conduct a Gen AI pilot at your firm.

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis The largest law firms are moving the fastest with investments in Gen AI tools. Our 2024 Investing in Legal Innovation Survey found that 43% of firms in the Am Law 200 have set aside a dedicated budget for Gen AI tools, as compared to just 19% of other law firms who report they have established a Gen AI budget. At the same time these firms are carving...

July 25, 2024

Attention Buyer: Not All Legal AI Models Are Created Equal

By: Simon Weierman A 2024 LexisNexis survey of managing partners and C-suite leaders at major law firms and Fortune 1000 companies found that nearly all legal executives (90%) expect their investment in Generative Artificial Intelligence (Gen AI) technologies to increase over the next five years. The survey also found that roughly one-half (53%) of Law360® Leaderboard Pulse firms have already purchased Gen AI tools...

July 25, 2024

6 Enhancements to Lexis+ AI That Improve Legal Research and Drafting Workflow

Since our initial rollout last year of Lexis+ AI , the industry’s first comprehensive legal research platform powered by generative artificial intelligence (Gen AI), we have been pro-actively seeking feedback from our customers and carefully studying the performance of the product in various professional settings. This continuous feedback loop is important in the development of any tech-enabled offering, but it...

July 17, 2024

Trust me I’m a legal AI: Addressing Accuracy and Confidentiality Concerns

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Law firm leaders are increasingly adopting Legal AI, Gen AI tools trained for the legal profession, but as with any breakthrough technology there is a healthy amount of skepticism that must be overcome. Building trust in Legal AI will mean resolving concerns in several areas — from issues involving accuracy and security, to ensuring clients are...

July 17, 2024

New Revenue Streams: Firms must adapt to changing client mindsets

By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis More than three in four (77%) of senior lawyers at Am Law 200 firms believe that generative artificial intelligence (Gen AI) technology will enable them to offer new value-added services to clients, with 54% reporting they are already exploring these potential opportunities, according to the 2024 LexisNexis Investing in Legal Innovation Survey ...

July 11, 2024

Chapter 11 Bankruptcy Filings Rise in 2024: Key Elements In-House Counsel Need to Know

After a two-year decline in Chapter 11 bankruptcy filings in the immediate post-COVID period, U.S. commercial bankruptcies have returned to a more normal level of activity, according to CFO Magazine . Economic uncertainty and technology disruptions in many sectors portend additional stress on bottom lines in the months ahead. S&P Global Market Intelligence has recorded 275 corporate bankruptcies so far in 2024,...

July 10, 2024

New Revenue Streams: Gen AI for business development

By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis The proliferation of generative artificial intelligence (Gen AI) technology trained for the legal profession is already changing the way that lawyers work by streamlining and automating time-consuming processes, such as research and drafting. For law firm leaders who are willing to jump on board the Legal AI train, it also has the potential to accelerate...

July 10, 2024

Trust me I’m a legal AI: Can the legal profession close the 'trust gap' with Gen AI?

By Geoffrey D. Ivnik, Esq. | Director of U.S. Legal Markets, LexisNexis Generative artificial intelligence (Gen AI) technology trained for the legal profession appears certain to transform the way that lawyers work. Before that can happen, lawyers and their clients need to develop trust in legal AI in the same way they trust an experienced associate. Nearly 4 in 10 senior lawyers (37%) say their firms already use...

June 27, 2024

Enhanced Public Records Tools Equip Lawyers for Anticipated Real Estate Recovery

By: Aaron Eberle The spring and summer buying season is in full bloom in the American real estate industry, a time of year when lawyers who advise clients in real estate transactions tend to be busier than usual. And expert forecasts suggest that business activity this year may be warming up right along with the weather. In spite of the major question marks looming over the industry right now — such as the uncertainty...

June 05, 2024

FTC Ban on Noncompete Agreements: What In-House Counsel Need to Know

By Elias Kahn | LexisNexis Practical Guidance The Federal Trade Commission (FTC) finally delivered on a long-awaited order when it issued a final rule on April 23, 2024, that bans most noncompete agreements nationwide between employers and employees. “Noncompete clauses keep wages low, suppress new ideas, and rob the American economy of dynamism, including from the more than 8,500 new startups that would be...

May 28, 2024

Unveiling the Top Employment Law Concern: In-House Counsel Struggle with Discrimination Complaints

In-house counsel are faced with a dizzying array of labor and employment law issues on a regular basis, but one of them stands out by far as the source of the biggest headaches that keep them up at night. Employee discrimination complaints are the matters most likely to damage a company’s reputation if not managed properly and are the most expensive employment matters for the organization to litigate, according...

May 17, 2024

Shepard’s Outshines KeyCite as Reliable Citation Service for Legal Research

By: Karen Hay The foundation of accurate legal research is ensuring that your citations are good law. Citing outdated, overruled or irrelevant cases not only weakens your credibility and undermines your persuasiveness. It can also be a costly mistake for both you and your client in some instances. Any first-year law student can tell you that the best way to have confidence that your research contains cases with precedential...

May 15, 2024

Developing AI Responsibly: The LexisNexis Commitment

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis The emergence of generative artificial intelligence (Gen AI) tools is an exciting breakthrough in our industry, but it is appropriate to also approach this new technology with caution . We are all aware by now of the risks of relying on Gen AI outputs without proper oversight by a lawyer, just as a lawyer would oversee the work product of a summer associate...

May 13, 2024

How LexisNexis Prioritizes Data Security & Privacy for Customers’ Sensitive Data

By Serena Wellen LexisNexis Legal & Professional has been an AI innovator for years, leveraging artificial intelligence technology, including natural language processing and machine learning in our legal solutions. Our focus is all about customer-driven innovation, using AI technology to help legal professionals work more efficiently and effectively. At the heart of this focus is the protection of our customers’...

May 09, 2024

Tips for In-House Counsel to Shape Social Media Policies in the Workplace

There is no shortage of divisive issues fueling conflict between people who take their opinions to social media platforms, from war in the Middle East and Ukraine to a presidential election cycle here in the U.S. And while the right to free speech is embedded in the fabric of our nation, the public airing of controversial opinions held by a company’s workers can cause sticky business challenges for employers. ...

April 29, 2024

Majority of Corporate Legal Departments Anticipate Gen AI to Slash Expenses: 76% In-House Counsel Agree

The vast majority of corporate executives at Fortune 1000 companies expect their investment in Generative Artificial Intelligence (Gen AI) technologies to increase over the course of the next five years, and they have high hopes for how this investment will ultimately reduce their operational costs. These findings were derived from our 2024 Investing in Legal Innovation Survey: The Rise of Gen AI at Top Firms &...

April 22, 2024

5 Ways Lexis+ AI’s Second-Generation Legal AI Assistant Will Transform Legal Work

By Alison Manchester The commercial launch of Lexis+ AI in October 2023 was a watershed moment in the legal industry, introducing the first comprehensive legal research platform powered by generative artificial intelligence (Gen AI) trained for the legal profession. Since that time, we have been collecting continuous user feedback based on our customers’ real-life use of the platform and putting those learnings...

March 29, 2024

GC Guardrails for Gen AI Adoption

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Corporate legal departments are not standing on the sidelines and waiting to see how the adoption of generative artificial intelligence (Gen AI) technology plays out. One in two (50%) corporate executives say their companies are using Gen AI now for legal matters, 32% say they intend to increase hiring more professionals to take advantage of Gen AI technology...

March 29, 2024

Law Firms: Ask Your Clients About AI Expectations

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Corporate counsel have made it clear they are expecting their outside counsel to become more efficient in their operations by leveraging the power of generative artificial intelligence (Gen AI) technology, but there is currently a communications gap between the two sides of the table. “While top corporate lawyers have a keen interest in how outside...

March 28, 2024

ESG, DEI and CSR: What In-House Counsel Need to Know

Casual observers of business trends can be forgiven for being puzzled by the alphabet soup of acronyms used in the legal space, but in-house counsel don’t have the same luxury when it comes to the areas of ESG, DEI and CSR. ESG, DEI and CSR—Similar but Different These three terms are distinct but related: ESG refers to the “environmental, social and governance” conduct of a company DEI...

March 22, 2024

Corporate Legal Departments Are Seizing the GenAI Opportunity

By Geoffrey D. Ivnik, Esq. | Director of Large Markets, LexisNexis Every corner of the legal profession has explored the potential uses of generative artificial intelligence (Gen AI) technology in the past year, but the fastest adopters have been corporate legal professionals. The LexisNexis 2024 Investing in Legal Innovation Survey: The Rise of Gen AI at Top Firms & Corporations surveyed executives in corporate...