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Led by companies like Microsoft and GlaxoSmithKline, the demand for alternative fee arrangements is growing, putting pressure on law firms to make their services more efficient and cost effective. And in this transformation, technology like analytics inevitably plays a part.
But at the “Adapting to the New Service Model” session of Thomson Reuters’ 22nd Annual Law Firm Leaders Forum in New York, many law firm and corporate law professionals noted that technology is only one part of the solution for law firms, in addition to creating new process and bringing in new nonlegal staff.