Credit: Vadym/Adobe Stock The AI Revolution Is Here. Who Will Be the Winners and Losers in Legal Services?
"If they figure out how to incorporate this technology into their comp model, then they'll be the winners," said Stephanie Corey, co-founder of the legal ops consulting firm UpLevel Ops, on the rise of AI and how it will disrupt the way law firms do business.
April 08, 2024 at 05:00 AM
10 minute read
What You Need to Know
- Law firms, alternative legal service providers and legal tech companies are racing to attract in-house counsel dollars amid the generative AI explosion.
- AI promises to move a lot of previously outsourced work in-house, so firms will have to change out they provide services to clients.
- Some lawyers predict that AI will force firms to combine their specialized expertise and AI to solve the most complex client-specific problems.
The explosion of generative AI has triggered endless speculation about the extent to which technology threatens the law firm business model.
Empowered by the ability to automate more routine work, corporate legal departments could do more in-house and depend less on outside counsel. Legal teams would also have more choices, working directly with tech vendors to subscribe directly to AI tools that can help inform their decisions on everything from litigation strategy to changes in employment law.
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