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The billable hour has defined the legal industry for decades, but forward-thinking firms are reimagining its place in today’s world. This article highlights how AI tools are driving efficiency, improving client outcomes, and paving the way for innovative fee structures. Those ready to embrace these changes are shaping the future of law. #LegalInnovation #AIinLaw #FutureofLaw #ClientValue #LegalTech https://lnkd.in/er4KCKfh

Why smart firms are rethinking the billable hour using new AI tools As more legal work is automated, forward-thinking law firms will focus on self-service and new billing methods, the chief revenue officer of Definely predicts. By Justin Bachman

Legal ops professionals, join Valerie Charles and Scott Bien from Integreon in New York on Thursday, February 6th for the 17th Annual LDO Survey Breakfast and Live/In-Person Roundtable. This year's survey results illustrate that legal departments are focusing on the impact of AI on legal service delivery. For example, more than 80% of this year’s respondents say efficiency and performance are the number one driver of their AI strategy. But the numbers don't tell the whole story. At this roundtable, we will dive deeper into the findings. This event is a unique opportunity to exchange insights with your peers on: ■ AI strategies and real-world use cases ■ How AI is contributing to dynamic delivery models with law firms ■ The critical trends shaping the future of legal ops Don’t miss this chance to connect, learn, and shape the conversation. Learn more and register at link below. #Legalinnovation #GenAI #LegalOps LDO Survey Live Roundtable Registration- New York, Feb 6, 2024 https://hubs.ly/Q033XZcn0

🚨 New LawDroid Manifesto article just dropped... 🤔 𝘚𝘩𝘰𝘶𝘭𝘥 𝘭𝘢𝘸 𝘧𝘪𝘳𝘮𝘴 𝘣𝘶𝘪𝘭𝘥 𝘵𝘩𝘦𝘪𝘳 𝘰𝘸𝘯 𝘈𝘐 𝘴𝘰𝘭𝘶𝘵𝘪𝘰𝘯𝘴 𝘰𝘳 𝘣𝘶𝘺 𝘵𝘩𝘦𝘮 𝘧𝘳𝘰𝘮 𝘷𝘦𝘯𝘥𝘰𝘳𝘴? I explore this critical strategic decision facing legal practices today. Drawing from real-world examples like Wilson Sonsini's proprietary contracting platform and Allen & Overy's adoption of Harvey, we explore: • The advantages of in-house AI development for data control and customization • The appeal of commercial solutions for rapid deployment and ongoing innovation • Key considerations around ethics, compliance, and resource allocation • How firm size and strategic priorities influence the choice Whether you're a legal tech enthusiast, practice leader, or interested in the future of legal services, this deep dive will help you navigate one of the most important decisions in legal AI adoption. Read the full article here:  https://lnkd.in/g2nkaejp

The growth of AI for legal work also raises the question of whether the technology will disrupt the traditional billable hour paradigm, said Brad Blickstein. “The hourly bill is still the best way for law firms to maximize their profit,” he said. “As soon as there’s a better way for them to maximize their profits, just like any seller, then they’ll shift.” Read more: https://lnkd.in/gaugHawu #LegalAI #LegalTech #LegalInnovation #AFAs

There’s a distinction that often gets lost when we contrast perspectives about the potential magnitude of impact on legal practice from AI. It seems to surface out of the contrasting starting points about using AI to do existing work more efficiently (through some kind of “easy button” adoption of a packaged service) versus leveraging AI to drive real practice changes. The first framing understates or disregards how technology can actually transform processes to create new ways of doing things, and the second glosses over the power of inertia among professionals that prevents them from proactively changing how they do things. Some suggest that those areas of legal practice not currently or expressly affected by AI will remain unaffected—whether directly or indirectly. I believe that is incorrect. * AI can do a lot of legal tasks well * Efficiencies and re-factored processes create opportunities to refocus where we prioritize our efforts and how we run our business * Lawyers and law firm leaders that take those opportunities will redefine their operating models and definitions of success. Taken together, that’s transformational at a micro level, and as more lawyers and firms do likewise, transformational at the macro level of the profession. And that’s not even taking into account the impacts on the profession of institutions and clients using their access to AI to dramatically change what they know, what they can accomplish without lawyers and what they expect of the lawyers with whom they engage. Not to mention the impact on business models and regulatory frameworks that follow from the enhanced abilities of people and organizations to serve themselves or to get legal support from unregulated or differently regulated service suppliers. The statistics, headlines and breathless press releases are only part of the story. I’ve spoken with many solo, small and large firm lawyers whose stories you won’t see in legal or general press that are already using AI in client and opposing counsel communication, crafting documents, pondering strategy and implications, supplementing or testing their intuition, coming up with ways of framing claims and defences, and improving the quality of advice they provide. For some, the way they practiced at the end of 2024 was already very different than the way they practiced at the beginning of 2024, and their appetites to go further are growing because, to a person, they are creating and spending their “AI dividends” (as Jordan Furlong would call it). Many of them take pleasure in the fact that most of their contemporaries either haven’t noticed or simply believe it’s not possible. Returning to where I started, if we only consider AI’s potential impact on the practice of law as coming from “easy button” products that fit into existing modes of practice and workflows, we’re missing out on the actual change already happening and will be caught flat-footed when the rate of change accelerates.

EXCL: Clients are yet to see AI benefits, a Deloitte survey reveals. As experimental revenue is plugged into law firms far and wide, the jury is still out on how positive outcomes are for clients. What does this mean for the future of legal work? Take a look at the story to find out, with comments from Isabel Parker at Deloitte Legal. https://lnkd.in/d2G3v7Qs

Some interesting stats in here on the uptake of AI and its larger ramifications!

Legal AI advances could force a rethink of the billable hour Generative AI threatens traditional legal billing structures, according to a poll by PwC, with potential for profit erosion and pricing model changes. Stay ahead of the latest news and trends impacting the Scottish legal industry ➡️ https://lnkd.in/ey_umsfK #LegalAI #law #Legal #ScotsLaw #LegalBilling

How do you charge a client for something that normally would take you 3 hours, but you can now do it in 10 minutes? @Damien Riehl explains how firms that utilize AI are changing their pricing models and the future of the billable hour. https://lnkd.in/dnnjbkAq #abovethelaw #law #ai