Artificial Intelligence (AI) is getting a lot of coverage these days in all businesses. In all walks of life, really. It seems to have the potential to change everything. Machines taking the place of people. What once was science fiction now seems very possible.
In the legal world, the changes are likely to be dramatic. Already AI is being used to do legal research and write motions, briefs and discovery documents. Where will it end?
I have to admit that the thought of anything replacing the billable hour has rarely crossed my mind in the past. Billable hours just seem so baked into law firm practice that the only time I give its demise any thought is when I ponder alternative methods of billing like contingent fees and blended rates. The rest has seemed too unlikely and futuristic.
But this article, has planted the seed of possibility with me. What if firms can bill out machines at a higher rate than lawyers? That just might be the sayonara song.
Take a look. See what you think. As you will see, in a recent LegalTech News survey at least three times as many respondents opined that generative AI would lessen reliance on the billable hour. And a leading legal consulting firm voice states, “In my mind, it’s not a question of whether generative AI will have an impact on law firm reliance on the billable hour, it’s a question of when and where.”
Lots to think about here.