Lawyers' billed hours constitute the inventory of law firms and the foundation of their profits. Legally trained AI will decimate those hours. What happens then?
Excellent analysis and discussion. I predict most big law firms will spring into swift action and commence rearranging deck chairs on their lumbering vessels.
Jordan everything old is new again. Once upon a time my senior partner at a "taxation" was heard to say in answer to a question as to his "hourly rate" that he was not a plumber and did not bill by the hour but by value he brought to the file. I also recall that he had various clients on a monthly retainer where he would answer questions that came up as they came up and never docketed for them.
Excellent analysis and discussion. I predict most big law firms will spring into swift action and commence rearranging deck chairs on their lumbering vessels.
Jordan everything old is new again. Once upon a time my senior partner at a "taxation" was heard to say in answer to a question as to his "hourly rate" that he was not a plumber and did not bill by the hour but by value he brought to the file. I also recall that he had various clients on a monthly retainer where he would answer questions that came up as they came up and never docketed for them.