The following is an excerpt from Gene Commander’s January article in Attorney at Work. The article explores the impact of AI on the business of law and explains why firms should embrace AI to bolster their smart growth business strategies. The full article can be read here.
A jaw-dropping 74% of the law firm services traditionally charged to clients using a billable-hour pricing model are potentially subject to automation by artificial intelligence in law, according to Clio’s 2024 Legal Trends Report. This and other news about the rapid rise of AI in the legal industry has caused many to ask, “Will lawyers be replaced by AI?”
Rather than a cause for hand-wringing, the advent of AI and other forms of legal tech innovation should be welcomed by law firms interested in pursuing smart growth business strategies. AI has the potential to transform the business of law, particularly among midsize and smaller firms, by filling talent gaps, attracting tech-savvy human capital and offering client services that provide greater value.