With the emergence of generative AI in the legal scene last year, many lawyers were equally shocked and intrigued. While law firms have already incorporated traditional forms of AI like machine learning into their practices, generative AI might have an even more profound impact. Many believe this technology could finally ease the billable hour’s stronghold on the market.
In the recent Legaltech News Law Firm Tech Survey of 36 firms, almost 45% of respondents envisioned generative AI reducing their reliance on the billable hour. In contrast, roughly 15% did not see the impact, and about 35% were unsure.
There’s a consensus that some disruption to law firm pricing due to generative AI is inevitable. However, the extent to which this will unfold is still an open question. As generative AI is quite new, its effect on the industry and how it might reshape the landscape is something that continues to be closely watched by professionals in the field.