Potential for Higher Margins and Competitive Advantage with AI at Biglaw
Note: This article is just one of 60+ sections from our full report titled: The 2024 Legal AI Retrospective - Key Lessons from the Past Year. Please download the full report to check any citations.
Challenge: Adapting billing models and maintaining competitive advantage with AI
Once the billable hour issue with AI is resolved through fixed/value-based pricing, BigLaw firms can potentially realize higher margins on their work. Firms that embrace AI most effectively are likely to:
• Offer higher salaries to attract top talent
• Increasingly require AI experience from new hires
• Gain a competitive edge over firms that lag in AI adoption
Clifford Chance's partnership with Orbital Witness saved 350 hours on one project.[117] Real Estate Law aside, Biglaw and industry-specific legal tech partnerships can also act as a competitive advantage vs smaller industry-specific law firms they might compete with locally, as they can:
• Reduce hours billed
• Enhance the accuracy and depth of analysis
• Put the time savings into forging lasting relationships with their clients
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