Law firms worldwide are rapidly embracing generative AI, but here's the reality check: corporate clients aren't seeing the promised cost savings yet. In fact, legal fees continue climbing despite widespread AI adoption across the industry.
The numbers tell a stark story. The top 100 US law firms increased their rates by 10 percent year-over-year in 2024, according to legal operations specialist Brightflag.
This surge comes even as more firms deploy generative AI
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interesting take from Brightflag’s Alex Kelly. i’m wondering, how do law firms reckon they’ll survive without adapting to AI? or is it just a matter of time before everyone jumps on the bandwagon?
honestly not surprised at the disconnect. promises of ai revolutionizing everything under the sun have been aplenty. the true challenge? actually making it work in the real world. firms are playing catch up, and i’m not holding my breath.
I see where you’re coming from, but I’m optimistic. The tech’s there; it’s just about integrating it effectively. Given time, I believe law firms will find their stride with AI.
integration is the key word. it’s not just about having tech but meshing it with existing processes in a way that actually enhances efficiency.
The bit about the billable hour facing its greatest threat yet seems a tad overblown. Generative AI has potential, sure, but let’s not start planning the funeral for billable hours anytime soon.
The challenge Kerry Westland points out about AI investment is quite significant. But, I believe this is where having a strategic tech roadmap comes into play. It’s not just about haphazard implementation but rather a thoughtful approach to where and how AI can really make an impact.
really appreciating veta richardson’s insight here. communication is key in almost every revolution, and it’s no different with ai in legal sectors. it’s refreshing to see someone highlight that solution instead of just hyping up the tech.