Most-read LexisNexis research reports of 2023

No. 1: Generative AI and the future of the legal profession

How exactly will generative AI impact the practice of the law?

Our survey of 1,000+ UK lawyers sheds light on some of the biggest opportunities, risks and polarising expectations, such as:

70% of in-house counsel expect firms to use generative AI. Only 39% of firms are exploring opportunities to deploy it. 

This is a must-read for all lawyers, regardless of their area of expertise, and contains exclusive commentary from top-tier law firms, leading industry bodies and in-house counsel.

No. 2: The pros and cons of the global law firm

News of Allen & Overy’s merger with Shearman & Sterling has no doubt caused many top law firms to call into question their own transatlantic growth strategies.

LexisNexis spoke with leaders at US and UK headquartered firms to discuss their growth strategies, investments in technology, and the role of the modern lawyer.

Download a free copy of the pros and cons of the global law firm to hear what they had to say.

No. 3: Getting inside the minds of General Counsel

Do you truly understand the challenges your clients are up against?

One of the biggest fears for General Counsel is being siloed from the wider organisation. If communication is poor, then their internal reputations, budgets, and place at the boardroom table are at risk.

The LexisNexis in-house tech survey found:

71% of General Counsel said communication with the wider business could be more effective and efficient.

Find out how you can help your clients drive greater change in their organisations.

No. 4: Small firms are investing in organic growth

The 11th annual LexisNexis Bellwether survey revealed 88% of small and medium sized firms are investing more time and money into their business development strategies. And 81% are increasing their marketing activities (only 24% said the same thing in 2022).

Find out more about the strategies, channels and types of work these firms are going after.

No. 5: The LexisNexis Gross Legal Product (GLP) Index 2023

Find out if demand for your practice area of the law is growing or declining.

The GLP Index gathers current and historic data to predict growth and demand across 12 different practice areas of the law.

Download it to find out where you should invest or reposition your resources in the near and distant future.

No. 6: Calling time on the billable hour

The billable hour has persisted for decades as the default way for law firms to charge clients and measure lawyer performance.

Yet the billing model has attracted criticism for encouraging inefficiency and creating the wrong incentives for lawyers. As a result, more and more work is taking place through alternative billing methods.

In this report, we speak to law firms, lawyers and their clients to discuss the pros and cons of the billable hour model, the challenges of pricing matters when using alternative billing structures – and how these trends are likely to develop in the future.