In finance, an exchange rate (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency. For example, an interbank exchange rate of 91 Japanese yen (JPY, ¥) to the United States dollar (US$) means that ¥91 will be exchanged for each US$1 or that US$1 will be exchanged for each ¥91. Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers where currency trading is continuous: 24 hours a day except weekends, i.e.
Posts about Change
    • The Age of Confusion and the Artificial Intelligence Revolution

      The Age of Enlightenment (or as some prefer, the Age of Reason) lasted from roughly the 1650s to the 1780s. During that time, reason, individualism, and analysis came to the forefront replacing (or at least moderating) the more hierarchical and traditional authority lines that had prevailed. New ideas were spreading, though often they were contradictory and their proponents dis ...

      Kenneth Grady/ SeytLines- 2 readers -
    • The Efficiency – Change Paradox

      I read lots of surveys about the legal industry. They are interesting, entertaining, sometimes surprising, and often confusing. If you want to make a point, you generally can find a survey result to support your point, which helps if you write a lot. But, I always go back to my experimental psychology roots and remember that surveys are hard to do well and so the results of any ...

      Kenneth Grady/ SeytLines- 4 readers -
  • Orange Juice, Pork Bellies, and Lawyers

    … Welcome to the new you: oil, silver, orange juice, pork bellies, and you. CLOs are telling law firm lawyers they are all commodities. If a CLO needs a lawyer, he or she can choose from a buffet of qualified attorneys practicing in the largest law firms in the world, mid-sized firms or small law firms. From the CLO’s perspective, one glass…

    Kenneth Grady/ SeytLines- 1 readers -
  • Finding Middle Ground in the Technology Debate

    … technologies for lawyers to use or which replace lawyers. These Engineers are presenting new ways to do legal research, bringing automation to logic trees, replacing cut and paste with document assembly, and tackling research in an information explosion age. We hear that very soon, computers will take over much of what lawyers can do leaving us to hold…

    Kenneth Grady/ SeytLines- 1 readers -
  • The 50 Law Students

    … legal services in the changing legal market. The MSU students gave up two weekend days to participate in teaching and hands-on exercises covering project management, process improvement, lean thinking, staffing, budgeting, technology use, voice of the client, and other legal service delivery topics. We had a great time and the students were…

    Kenneth Grady/ SeytLines- 3 readers -
  • The 300 Lawyers

    … to put in the way of change. You know those barriers. We can’t improve how we do things because: ☐ We don’t have the time; ☐ We don’t have the money; ☐ We don’t have the people; ☐ We don’t have the knowledge; ☐ We don’t have the technology; ☐ All of the above. Let’s call these the 6 Myths. In the 90 minutes we had for the Contractathon…

    Kenneth Grady/ SeytLines- 1 readers -
  • A Skinnerian View of Why Lawyers Don’t Change (Part 1)

    … Why oh why won’t lawyers change? I hear and read this lament daily. It fills discussions at conferences among those who advocate for change and it populates the tweets of legal industry pundits. We have a long list of reasons explaining why lawyers resist change. The list includes risk aversion, skepticism, ignorance, and even depression…

    Kenneth Grady/ SeytLines- 1 readers -
  • What Lawyers Will Do as Technology Takes Over (Part 2)

    … In the first part of this three part series, I explored left brain (L-Directed) and right brain (R-Directed) thinking. In this part, I’ll talk about how technology takes over L-Directed Thinking. Source: Impact Lab When technology enters our lawyer lives, it takes over L-Directed thinking. Computers are well designed to do repetitive, logical…

    Kenneth Grady/ SeytLines- 2 readers -
  • What Lawyers Will Do as Technology Takes Over (Part 1)

    … put those debates aside for the moment. Instead, I want to think about the impact on lawyers of that change. Basically, I want to briefly examine what it means to be a lawyer when we strip away routine and even some not so routine tasks. The role of a knowledge worker after technology moves in, and in particular the role of a professional…

    Kenneth Grady/ SeytLines- 6 readers -
  • Lawyers, the End is Not Nigh for You Bring Wisdom

    … processing power every two to three years), means that the tipping point shift from lawyer processor to computer processor is on the near horizon. I believe the shift will take longer. Well-entrenched lawyer resistance to change, the lack of key incentives to change, regulatory resistance in the US, and the rather small market size for products…

    Kenneth Grady/ SeytLines- 3 readers -
  • Managing the Transition Through Change

    … There are two kinds of change – change you want and change you don’t want. That’s an oversimplification, of course, but, according to Tom Meier, an HR consultant speaking at a conference I recently attended, how we manage the transition through change depends very much on whether we view it as a desirable or undesirable change. Meier laid out…

    Karen Dyck/ Slaw- 5 readers -
  • Why a Computer Won’t Replace Law Firm Associates Tomorrow

    … and for the foreseeable future, the skeptic is going to win. In fact, right now the chances of getting a computer to do first year associate legal research in the near future are about the same as getting Shakespeare verses from a monkey with a typewriter. Let’s start with what is possible in the real world today. Siri, Contara, Google Now and Watson each can do…

    Kenneth Grady/ SeytLines- 5 readers -
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