Credit: TSUNG-LIN WU/Adobe Stock Can AI Beat the Billable Hour? Legal Tech Firms Say Selling AI Products to Law Firms Still a Challenge
In-house teams continue to make up the majority of legal tech company clients and profit growth, tech leaders say.
October 24, 2024 at 06:18 PM
6 minute read
Legal tech firms specializing in streamlining processes using AI say they struggle to sell their products to large law firms, which work on the billable hour model and have little incentive to adopt AI technologies despite increasing pressure from their clients to do so.
Many major legal tech companies say in-house lawyers and Fortune 500 companies make up over 50% of their customer base, adding that private practice lawyers remain skeptical of the emerging technologies.
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