In this article, I will examine how we got to the place where we are so uncertain about what’s next with AI and how the legal services industry can begin preparing amid this uncertainty.
In the legal industry, a trillion-dollar marketplace, the potential for disruption in the near term seems almost inevitable. The legal business model has been built on the concept of the value of a lawyer’s time. Almost all business practices have been based on the billable hour—or the billable six-minute increment. While this no doubt made good business sense in the past, that model has ensured a slow adoption of efficiencies while other industries have been entirely remade by advances in technology and workflows.