This article from The Economist is a bit sensationalised for mine. The usual superficial doom & gloom about machines easily doing what lawyers can do. The reference to the Goldman Sach’s stat of 44% of legal work can be done by AI …. boy has that stat got a good run in the media – without any significant supporting research published by Goldman to back it up.

However some of the more interesting points from The Economist:

* Manpower Advantage: AI-powered litigation-prep tools enable small firms to handle complex cases traditionally dominated by larger firms.

* Billing Practices: AI may prompt firms to shift from time-based billing to value-based or flat fees, including a technology fee for AI usage.

* Counter-intuitive Impact: While there is an argument that the need for lawyers, maybe it increases the need for lawyers. Here they reference that the introduction of ATMs caused an increase rather than a decrease in bank employees. I am a big believer in this as a likely outcome. The world is getting more complicated and lawyers thrive on complexity.

* Increased Accessibility: AI-driven automation can make legal services more affordable and accessible, benefiting small and medium-sized businesses.

* Client Focus: Embracing AI allows lawyers to focus on effective problem-solving, delivering faster resolutions and improving client satisfaction.


Find the article here: