What Kinds of Lawyers Will Clients Pay for In AI Era, How Much and Can Firms Develop Them ...
With AI already operational, there's clarity about its impact on law firms. As Law Fuel hammers, no longer is the question will lawyers still be needed. Instead it's: " ... what will clients still pay lawyers to do when AI can research, review, summarise, [UK spelling] draft and analyse increasing amounts of legal work in minutes?" What clients will pay for are the same skills which designate lawyers mega stars. Those include: Strategy Assessment of risk of a legal solution to the entire business Representation Hand-holding Lobbying Negotiation Arbitration. Obviously, value will be created way high up the food chain. Fewer worker bees, even the very experienced ones, will be needed. Midlevels don't necessarily have employment security. That triggers the questions of how to pay and how much. According to the Reuters recent survey, 71% of in-house legal departments expect the law firms they use to alter the traditional payment model. But only 28% of law firms...