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 have changed those. Can we anticipate a shifting of accounts from the traditionalists in billing aka sticking with the billable hour to those aligned with the new AI realities?

The next issue is how to ensure there will be a pipeline feeding extreme talent to that top tier? Lately, hiring at the entry-level has been on a downward trajectory. Last year there was a 7.5% reduction. Intersecting with that reality are the complaints we hear about the lack of mentorship - or even attention to development of the next generation of lawyers. 

With the intense need to boost Profits Per Equity Partners in order to recruit, retain and motivate stars and fund AI strategy/operations it's predictable that not many resources can be focused on sustained mentorship. 

Is gone forever the ethos of deep caring that Paul, Weiss partner Brad Karp experienced as an associate? Karp recounted to The Wall Street Journal:

" ... he learned by sitting next to senior lawyers during conference calls; they’d mute themselves so they could discuss strategy."

Meanwhile, other sectors which also are cutting back on entry-level hiring and employee development could also be unable to supply talent to those value-creating functions.

In coaching I am straight with clients: Identify on your own what's in demand and train yourself to do that kind of work. You're on your own. We all are.

Careers. Forget all that. It’s about earning a good living, no matter what.

Complimentary consultation with Jane Genova, StreetSmart Coaching (janegenova374@gmail.com)





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