KPMG plans to invest “tens of millions of dollars” in generative AI to streamline its legal business and take over tasks usually assigned to junior lawyers. Stuart Fuller, the head of legal services at KPMG, believes that this technology will eventually disrupt the core business model of law firms. With over $36 billion in gross revenue last year, KPMG is more than five times larger than the world’s largest law firms. Fuller anticipates that clients will force law firms to use generative AI for tasks they can do more cheaply and efficiently than work traditionally done by junior lawyers, which will cause stress on the traditional billable hour model.
Source: Bloomberg Law
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