Credit: metamorworks/Shutterstock.com Could AI Investments Be Another Driver of Law Firm Mergers?
Some law firms have said they are interested in a combination with a larger firm partly "to have the scale necessary to properly invest in technology," said one merger consultant.
October 30, 2024 at 04:37 PM
4 minute read
The original version of this story was published on The American Lawyer
What You Need to Know
- Firms are bringing in pricier business professionals, and those larger investments may be motivating firms to merge.
- 'It's possible law firms will have to make much more substantial capital investments if this stuff really does take hold,' one observer said.
- Having greater tech and AI capabilities can also be motivating lateral moves.
While most firms are exploring generative AI in some capacity, it'll likely take large investments in talent and technology to fully realize the potential of artificial intelligence.
That realization could be incentivizing law firms to get bigger more quickly, whether it's through lateral hires, group acquisitions or law firm mergers.
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