3 ASIAN LEGAL BUSINESS – JUNE 2023 WWW.LEGALBUSINESSONLINE.COM THE BRIEFING: YOUR MONTHLY NEED-TO-KNOW CORPORATE LEGAL DEPARTMENTS (Reuters) A recent survey has found that those in corporate law departments are largely optimistic about the potential for generative AI and programs such as ChatGPT in performing both legal and non-legal work. In total, 82 percent of respondents say generative AI can be applied to legal work, while 54 percent believe it should be applied to legal work, roughly the same rate as their law firm counterparts. Similarly, 70 percent believe these tools should also be applied to non-legal work. The survey, conducted in late April by the Thomson Reuters Institute, gathered insight from more than 580 respondent lawyers and legal professionals within corporate law departments in the United States, United Kingdom, and Canada. The survey forms the basis of a new report, ChatGPT and Generative AI within Corporate Law Departments, which takes a deep look at the evolving attitudes towards generative AI and ChatGPT within departments, measuring awareness and adoption of the technology as well as lawyers’ views on its potential risks. Median base salary for first-year associates at U.S. law firms in 2023, an increase of $35,000 from 2021, according to NALP, an association of legal career professionals. SEE USE CASES FOR GENERATIVE AI $200,000 (Reuters) Two of the largest U.S. law firm leases signed in the first quarter of 2023 involved big firms downsizing their headquarters in major cities, according to commercial brokerage Savills Inc, as many law firms shrink their physical footprints Cadwalader, Wickersham & Taft shaved off about 34.7 percent of its office space in New York, or roughly 120,000 square feet, when renewing its lease during Q1 2023, Savills said. Four large leases over 100,000 square feet signed in the first quarter helped bump up the quarterly leasing volume to 1.6 million square feet which tracks law firm leases over 20,000 square feet across major U.S. markets. Like Cadwalader, law firm Katten Muchin Rosenman chose to keep its headquarters in the same building when it signed a renewal lease last quarter. 30% - Increase in funding requests at ligitation funder Omni Bridgeway this fiscal year compared with a year ago, as clients seek to save costs, avoid borrowing and offload risk in a tough economy. U.S. LAW FIRM LEASING REBOUNDS, BUT OFFICES SHRINK IN THE NEWS U.S. startup Lega has formally announced the launch of an LLM provisioning and governance platform that will enable law firms to put guardrails around how employees explore new technologies. The startup is founded by former Reynen Court president Christian Lang. Rajah & Tann Asia has launched a data and digital economy regional sector group, which combines its legal, technology, and cybersecurity services. The group will see lawyers collaborate with cyber forensic experts, legal engineers, and data analysts, among others. U.S. fast-food chain Taco Bell seeks to free “Taco Tuesdays” by filing petitions to cancel trademark registrations over the phrase. “TO DEPRIVE ANYONE OF SAYING ‘TACO TUESDAY’ – BE IT TACO BELL OR ANYONE WHO PROVIDES TACOS TO THE WORLD – IS LIKE DEPRIVING THE WORLD OF SUNSHINE ITSELF.” QUOTE UNQUOTE
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