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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: Balancing innovation with traditional legal service delivery models

Some BigLaw firms are exploring Product-Led Growth (PLG) strategies in the legal AI space by productizing legal knowledge through AI-powered tools, offering limited access to these tools as part of campaigns focused on democratizing legal services, and expanding pro bono work without significant opportunity costs to corporate clients. KPMG, for example, plans to invest "tens of millions of dollars" to help corporate legal departments streamline operations, including implementing generative AI.

The adoption of AI in BigLaw is transforming the delivery of legal services, allowing firms to provide faster, more accurate, and cost-effective solutions to clients. However, the long-term impact on the legal industry's structure and business models remains to be seen, and firms must carefully balance innovation with the potential risks and challenges associated with rapid technological change. Generative AI tools could significantly alter traditional law firm operations, potentially reducing reliance on junior lawyers for routine tasks.