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AI and the Billable Hour: Transactional Work First to See Changes
Generative AI is most likely to change the pricing and profits of transactional practices first, while effects on large litigation matters may lag.
The end of the billable hour has been prophesied for years. But, as the steady adoption of artificial intelligence upends how legal work gets done, the promised efficiencies from automation are most likely to emerge in certain elements of deal work, like due diligence and contract review and analysis.
“AI is forcing firms to rethink pricing models,” said T.J. Henry, a veteran leader at distributed law firms who now serves as CEO of Lucendo Law. “As efficiency increases, firms will have to decouple revenue from hours and start pricing based on outcomes, risk, or strategic value.”
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