The emergence of Generative Artificial Intelligence (Gen AI) is putting pressure on the traditional law firm billing model. Legal AI tools trained for the legal profession transform law practice, creating significant new workflow efficiencies. This technology is pushing law firms towards value-based billing, which may lead to reassessing whether law firm billing by the hour is the appropriate way of doing things. Law firms must think through the apprenticeship model, teach machines and integrate AI into their workflows. The good news is that law firm leaders are already identifying opportunities to increase revenues with the assistance of the new technology.
Source: LexisNexis
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