2024-08-05 10:30:33.AIbase.10.8k
The Legal Industry Enters the AI Era: Traditional Billing Models May Be Disrupted
The legal industry is facing challenges to the traditional hourly billing model, as the rise of generative AI has sparked both optimism and concern. Optimists believe that AI can enhance efficiency by assisting in document drafting and contract review, while some lawyers worry that the widespread adoption of AI may undermine competitive advantages, particularly for large law firms that rely on junior staff to handle a significant volume of complex cases. A survey indicates that about one-third of UK law firms are concerned that AI could negatively impact profits and profit margins, as the use of AI may lead to a reduction in the workload of junior staff, who typically handle this portion of work.
