In nearly a decade of tracking trends across the legal sector, Clio reports record productivity, as more legal professionals leverage technology to significantly impact their performance
NASHVILLE, TN, Oct. 9, 2023 /PRNewswire/ — Clio, the world’s leading provider of cloud-based legal technology, released its 2023 Legal Trends Report, revealing a remarkable increase in law firm productivity as technology adoption continues to rise. Legal professionals are actively embracing technology solutions to enhance workflow efficiency, boost financial performance, and optimize time management. With the advent of generative AI taking center stage this year, there is enormous potential to accelerate productivity even further.
“From rising inflation to keeping up with the rapid pace of technology innovation, the past year has brought no shortage of challenges and opportunities for law firms,” said Jack Newton, CEO and Founder of Clio. “Adaptability is more important than ever. Technology, including the rise of generative AI, continues to fundamentally change the legal landscape by helping legal professionals prioritize what matters most: achieving justice for their clients. This latest report fuels Clio’s commitment to ongoing innovation to best serve our customers in such a dynamic and promising time.”
Legal productivity is higher than ever beforeCompared to 2016, the average legal professional earns more than two and a half times more revenue for their firm than they did in 2016. Productivity is at its highest point since the inception of this report, and while there is still room for improvement, there are key findings that support this trend:
Compared to 2016, on average, legal professionals are:
Working over 25% more casesLogging 35% more billable hoursEarning 158% more for their firms (72% after adjusting for changes in hourly rates)More firms are adopting technologies to streamline administrative tasks, enhancing their ability to deliver superior client services and maximize revenue collection.
Lockup: A new metric to measure law firm financial healthNew to this year’s Legal Trends Report is a metric to measure the financial health of a law firm: Lockup. Lockup measures how effectively a law firm bills and collects on its revenue, a crucial component of a thriving business. Minimizing lockup supports a healthy cash flow, giving law firms more cash on hand, and ensuring firms can pay their bills, minimize the risk of non-payment, and maintain more revenue to invest in future growth.
While lawyers are billing more of their work hours, the average law firm still only bills 86% of its billable work, leaving significant room for improvement. Additionally, too many firms find their revenue held in lockup—the period in which billable work is unbilled and uncollected.
The median amount of realization lockup that firms carry is 38 days—or just over five weeks worth of annual revenueMinimizing lockup will support a healthy cash flow, giving firms peace of mind in being able to pay expenses, minimize the risk of not getting paid, and have more revenue available to invest in future growth.
Law firms are improving their bottom line through online paymentsBilling and payment processes have historically posed significant challenges for law firms when interacting with their clients. However, the adoption of online payment options has considerably alleviated the friction clients experience when settling their legal bills.
Today, law firms that have implemented online payment solutions get paid twice as fast. Firms utilizing online payment methods boast a median turnaround of just seven days, whereas those who have not embraced online payments still contend with a considerably longer wait, averaging approximately 15 days for bill settlement.
Embracing innovation in the era of AIThe positive outcomes from technology adoption are motivating a portion of the legal industry to enthusiastically embrace innovation. Those who continue to lag behind, failing to meet evolving client expectations, risk being left in the wake of industry advancements. This divide could become more prominent as the legal industry starts to embrace generative AI across the sector.
Legal professionals are interested in AI, but exercise cautionGenerative AI has the potential to reimagine a wide array of tasks in a law firm, even in its earliest iterations. Most lawyers are at least aware of AI, and many see its potential.
63% of legal professionals said that they were interested in learning more about AI, representing a greater proportion than the general population—which includes both clients and potential clients—of which only 54% showed interest58% of legal professionals don’t believe that AI is advanced enough to be considered reliable, and 39% say they don’t trust it 68% of lawyers, compared to 54% of paralegals and 48% of administrative staff, want to learn more about AIWith greater interest, lawyers may have an advantage in staying on top of the developments and opportunities available to lead and innovate in the space rather than having to catch up to evolving client expectations.
Lawyers and clients want transparency around the use of AILegal professionals see the potential benefit of AI in legal practice to improve the quality, affordability, and efficiency of legal services. When it comes to the potential risks that AI could pose, many legal professionals express concern over issues including confidentiality, client privacy, and copyrights.
21% of legal professionals think that AI will improve the quality of legal services, 31% believe it will make them more affordable, and 38% expect AI to improve efficiency41% percent believe AI would open them up to too much professional liability, 57% are concerned about ethics issues with respect to client privacy and confidentiality, and 37% worry about the risks of copyright issuesThe majority (70%) of clients say they would want lawyers to disclose whether or not they use AI in their practice, and nearly half (47%) of legal professionals say they would definitely want their clients to know if they used it.As firms weigh the risks and benefits of AI, transparency is top-of-mind for both lawyers and clients. Clients also see lawyers who choose to use AI as too busy and prone to error, which may be a perception that lawyers need to manage if and when they implement AI solutions in their practice.
Lawyers see more value in using AI for legal research than client communicationAI is viewed as a time-saving tool for legal research, but many lawyers remain cautious with respect to quality and the risks this could pose to client work.
Nearly 1 in 5 (19%) of legal professionals say that they are using AI in some form within their practicesLegal research is the most common application of AIDrafting documents is the second most common application of AI 40% of lawyers see potential value in using AI for legal research, saying it would dramatically improve efficiencyOnly 28% believe that AI would be reliable in performing legal research for a client, and 38% said that using AI would lead to too much error in legal researchLawyers also show hesitancy to use AI for client communication. While 32% of lawyers agree AI can help reduce workloads, 38% think that generating email responses with AI will lead to too much error. Furthermore, 38% of lawyers believe that letting an AI respond entirely on a lawyer’s behalf would be unethical.
While the latest AI technologies have only just become available, many legal professionals have shown interest in its future adoption in legal practice. Regardless of perception or opinion, the use of AI is already well underway in legal practice.
“The entire legal industry is in the process of building a relationship with AI, ideally one that’s responsible, sustainable, and transformative,” continued Newton. “Understanding these insights, specifically around AI, supports the entire legaltech industry to innovate and make decisions with a clearer perspective of market dynamics. In publishing this report, we’re aiming to help create more successful firms, more impactful solutions, and broadly, a more informed understanding of a changing sector.”
The 2023 Legal Trends Report is now available at clio.com/ltr.
About ClioClio is transforming the legal experience for all by creating the world’s leading cloud-based technologies for law firms—to keep lawyers and their clients better connected throughout the legal process. Firms of all sizes and practice areas use Clio products—Clio Manage, Clio Grow, and Lawyaw—to manage firm operations, streamline billing and payments, automate legal documents, and improve client experiences. Following its US$250M Series D funding, led by TCV and JMI Equity, and its US$110M Series E investment, led by T. Rowe Price Associates, Inc. and OMERS Growth Equity, Clio has made history by becoming the first legal practice management unicorn in the world, and the first legal practice management company to be recognized by all 50 state bar associations. Learn more at clio.com.
Media Contact: Mesila Malltezi, Communications Manager, 1-800-347-8314, [email protected]
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ZTE set to bring brilliant 5G-A highlights to MWC 2024, unfolding the intelligent future
BARCELONA, Spain, Feb. 23, 2024 /PRNewswire/ — ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, is proud to unveil the highlights of 5G-A during the Mobile World Congress 2024. This initiative aims to unlock the full potential of 5G technology and create infinite value.
Green Infrastructure Pursuing the Bit-Watt Perfect Curve
Industry’s first constant PA efficiency radio platform for optimal performanceThe latest radio platform achieves near-constant PA efficiency, ensuring optimal performance at all times. This enables 25-30 percentage points higher PA efficiency and 35% lower RRU power consumption than the industry average.
0 bit 0 watt with industry-first hibernationThe industry’s first hibernation technology has been deployed at scale across over 300,000 AAUs to reduce the power consumption of AAU to as low as 5 watts when there is no traffic. This technology has also been applied to RRU, helping achieve power consumption as low as 3 watts when there is no traffic. For small cells, hibernation enables 0 watts for pRRUs when there is no traffic, and the cell can be awakened in seconds when there are any attempts of service access.
5G-A B2C: Seamless 10Gbps+ Experiences
Uni-Radio enables site simplification with 10 times fewer radios The Uni-Radio (A+P) achieves extremely simplified integration of 7-bands into 1, with dual-band AAU, the industry’s unique 5-band UBR and FDD full-band antenna, achieving a reduction of radio units from 10 to 1.
Industry-unique 12TR RRU goes extremely green, enabling superior energy efficiencyThe industry-unique dual-band 12TR RRU evolves based on a new platform, achieving near-constant PA efficiency. This enables a 35% lower RRU power consumption than the industry average. With the industry’s first RF pooling, the 12TR RRU enables inter-sector output power sharing. For any given sector, 4*120W can be used as 4x160W, achieving higher power efficiency.
Industry’s highest integration FDD Massive MIMO pushes the 4G capacity envelope even furtherThe tri-band FDD Massive MIMO supports all RATs from 2G to 5G and NB-IoT with an impressive 640W output power in only 115L, achieving up to 6 times throughput improvement. Additionally, AI beamforming enhances FDD Massive MIMO performance by 30%, while the industry-unique beam-level DSS optimizes spectrum utilization, achieving an additional 10% data rate gain.
Industry’s largest bandwidth mmWave AAU empowers 5G-A 10Gbps+ experience The industry’s largest 1.6GHz bandwidth mmWave AAU enables single cell to achieve 28Gbps+ capacity, empowering 10Gbps+ experiences. It serves for diverse scenarios, including fixed wireless access (FWA), large-bandwidth mobile backhaul, and UHD live broadcasting, among others.
5G-A B2B: Network-Cloud Integration, Service Commissioning in One Hour
UniEngine: All-in-one-box private 5G solution for core productionsUniEngine realizes all-in-one integration of 5G core, 5G RAN, and simplified O&M, while providing powerful computing to enable effortless deployment of 3rd party applications. Enhanced deterministic capabilities of RAN offer much improved service guarantees. The simplified O&M significantly assists even less experienced enterprises in rolling out their private 5G networks and enables end-to-end service performance monitoring.
Indoor 5G-A CampSite creates new possibilities for TV broadcasting and VR entertainmentThe suitcase-sized CampSite is easy to deploy by one person. It integrates communication and computing, enabling 5G-A network setup within one hour. Additionally, with the inclusion of MiCell, the industry’s first mmWave distributed micro-cell and IF pooling solution, it achieves 2,500m2 coverage, providing up to 6Gbps downlink or 4Gbps uplink, with ultra-low latency of [email protected]% and high reliability. CampSite facilitates new use cases such as 5G-powered TV broadcasting, wireless large-scale and backpack-free VR entertainment, among others.
5G-A B2X: Boosting the New Economy
Ultra-reliable 5G-A network and edge-cloud integration realize cost-efficient V2X for smart transportationZTE deployed the first 5G-A based vehicle-road-cloud integrated V2X network, empowering autonomous driving and enhancing traffic efficiency. The ultra-reliable network and the edge-cloud at base-station achieve [email protected]% latency, enabling L4 autonomous driving for L2 vehicles at speeds of up to 60km/h.
5G-A NTN realizes universal connectivity through space-ground integrationZTE has developed the industry’s first NTN ground base station and completed the world’s first 5G IoT-NTN direct-to-cell trial over the S-band as well as the industry’s first maritime trial and NR-NTN lab and field trials. These efforts aim to provide capabilities for emergency communication, wide-area IoT, and internet services.
Ubiquitous Intelligence: Achieving All-Round High Efficiency
5G-A BBU, the integration of communication and computation for rich AI applications5G-A BBU achieves seamless integration of communication and computation capabilities. Leveraging its computation capability, base-station native AI enhances RAN intelligence, enabling highly efficient service guarantees to boost traffic, implement more precise power-saving strategies, and facilitate L4 autonomous network O&M. By opening the computation resource open to third parties, cost-efficient app deployment at the base station becomes possible, enriching the range of new applications.
AIGC empowered uSmartNet commercial used during a grand sports event in Asia Based on AIGC and digital twin technology, ZTE’s uSmartNet achieved the industry’s first smart games assurance during the event. This accomplishment resulted in zero major issue and zero major customer complaints, improving operational efficiency by 15% and reducing workload by 30%.
ABOUT ZTE:ZTE helps to connect the world with continuous innovation for a better future. The company provides innovative technologies and integrated solutions, and its portfolio spans all series of wireless, wireline, devices and professional telecommunications services. Serving over a quarter of the global population, ZTE is dedicated to creating a digital and intelligent ecosystem, and enabling connectivity and trust everywhere. ZTE is listed on both the Hong Kong and Shenzhen Stock Exchanges. www.zte.com.cn/global
FOLLOW US:Facebook www.facebook.com/ZTECorpTwitter www.twitter.com/ZTEPressLinkedIn www.linkedin.com/company/zteYouTube www.youtube.com/@ZTECorporation
MEDIA INQUIRIES:ZTE CorporationCommunicationsEmail: [email protected]
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MIAMI INVESTOR SUMMIT KICKS OFF TODAY WITH GLOBAL LEADERS DISCUSSING HUMANITY’S BIGGEST CHALLENGES
MIAMI, Feb. 23, 2024 /PRNewswire/ — Leading figures from finance, government, business, tech, and innovation are convening to deliberate on a range of pressing economic and public policy issues at FII PRIORITY Miami summit, a major global investor summit, held today and tomorrow at Miami’s Faena Forum.
The summit brings together investors from around the world gathered with CEOs of major global corporations and policy experts to seek workable impactful solution to issues such as the regulation of AI. This year’s theme, ‘On the Edge of a New Frontier,’ reflects the profound changes the world is experiencing as technology transforms society and economies.
Richard Attias, CEO of FII Institute, said,”Today’s conversations reflected a sense of urgency as the world grapples with what to do about AI, political uncertainty, and changes in the shape of the global economy. And we bring these conversations to Miami—the new America—so we can chart a steadfast course towards a prosperous future, fully equipped with the insights and knowledge we need, harnessing the power of collective work and thought.”
In his opening conversation, H.E. Yasir Al-Rumayyan, Public Investment Fund Governor and Future Investment Initiative (FII) Institute Chairman, underscored the role of AI and its key contribution to future economies, saying “Al is coming in a big way! The impact will be very positive as soon as we have regulations in place to monitor, control, and enable this technology. AI could increase global GDP by 14%.”
Michael Dell, Chairman and CEO of Dell Technologies, addressed the issue of AI regulation, and how CEOs can innovate through periods of extreme volatility and pivot towards future trends, adding “regulations will struggle to match the rapid pace of technological change and may be outdated within a year. We have to ensure that emerging technologies reflect humanity and our system of values and beliefs.”
The summit’s much anticipated roundtable of global CEOs, entitled the “Board of Changemakers,” discussed trends and economic outlook. Participating in this year’s roundtable were Pamela Liebman, President and CEO of The Corcoran Group; Pierre Beaudion, Chairman of the Board of Bombardier Inc; Jenny Johnson, President and CEO of Franklin Templeton; Marcello Claure, Founder and CEO of Claure Group; and Stephen A. Schwarzman, Co-Founder, Chairman & CEO of The Blackstone Group. The session underscored the impact of digitalization, particularly blockchain and AI, on future investments, advocating for regulation and ethical usage. The members of the board also highlighted AI’s massive role in increasing efficiency and how AI can be harnessed to resolve climate change issues.
Mike Pompeo, 70th Secretary of State of the United States and Executive Chairman of Impact Investments, addressed the economic consequences of conflict, saying: “in the economic sphere, the connectivity between the things happening geopolitically is now ever more closely tied to thinking about investments and capital flows. It is impossible to separate geopolitical risk from capital allocation.”
Conclave sessions were held for select senior participants to delve into the concerns relevant to their sectors with full transparency. For example, the conclave on AI convened many leading figures involved in the development of technologies, governance of AI, technology investment, and regulation, with a number of global initiatives on AI regulation presented
A special address by former Treasury Secretary Dr. Lawrence H. Summers, Charles W. Eliot University Professor & President Emeritus at Harvard University, and board member at OpenAI, highlighted economic and political contexts, including prospects for soft or hard economic landing, and likely outcomes of the US election. Dr. Summers was joined by Eric Schmidt, co-founder of Schmidt Fututes, who noted that AI is likely to double everyone’s productivity, underscoring the importance of AI regulation, he added “there are questions about what happens when computers start to make decisions.”
FII Institute’s Founding Partner is the Public Investment Fund of Saudi Arabia, which, alongside the Vision Partner, the Ministry of Investment of Saudi Arabia, and 26 international strategic partners are actively involved in the ongoing work of the institute. The FII Institute welcomed two new strategic partners at the summit: ACWA Power and Franklin Templeton. Speakers from strategic partners Franklin Templeton, GFH, HSBC, NEOM, ROSHN, Sanabil, Softbank, and State Street shared updates on their international projects relevant to the themes of the summit.
Notes to EditorFor media inquiries, please contact:Phone: +966 53 978 2030Email: [email protected]
The Future Investment Initiative (FII) Institute is a global non-profit foundation driven by data with an investment arm and one agenda: Impact on Humanity. Global and inclusive, we foster great minds from around the world and turn ideas into real-world solutions in four critical areas: Artificial Intelligence (AI) & Robotics, Education, Healthcare and Sustainability.
The FII PRIORITY Miami summit continues conversations held in Hong Kong and Riyadh in Autumn 2023. It is part of an ongoing global program of summits held throughout the year, with upcoming summits in Rio de Janeiro in June and Asia later in the year.
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Securitas issues a MEUR 500 Eurobond
STOCKHOLM, Feb. 23, 2024 /PRNewswire/ — Securitas has today successfully closed a MEUR 500 bond in the Eurobond market with maturity in 2030. The coupon was 3.875 percent including a margin of 115 basis points.
The proceeds will mainly be used to refinance existing debt.
The joint lead managers were BofA Securities, CIC, Commerzbank, Danske Bank, DNB and UniCredit.
Investors: Micaela Sjökvist, Vice President, Investor Relations, +46 76 116 7443, [email protected]
The following files are available for download:
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