The legal industry’s deeply entrenched pricing model—the billable hour—isn’t going away any time soon, though generative artificial intelligence may chip away at its dominance for certain types of work, in-house counsel and legal industry experts say.
A newly released report from the law firm network Lex Mundi has reinvigorated the age-old debate on the topic. It declares that AI may lead corporate clients to put more pressure on firms to justify prices, and firms may have to demonstrate value beyond the number of hours lawyers spend on client matters.
