Watch the YouTube version of this episode HERE
Are you a law firm owner looking to change how you run your business? In this episode of the Maximum Lawyer Podcast, Mathew Kerbis, a lawyer and founder of Subscription Attorney discusses how AI is transforming legal work and why the traditional billable hour model is becoming obsolete.
Mathew talks about the framework for using AI effectively within the legal space. It is important to remember that AI tools, like ChatGPT, are not calculators. They have biases and are reinforced by the humans who designed them. They are also not perfect and should be used as an aid. For the legal space, AI should be used to give you all the information before giving you an answer.
Mathew delves into the topic of the billable hour model and why firms should move to subscription based models. The billable hour includes doing a bunch of tasks for a client within a set time frame for a price. If a client only pays you for one hour, you are only working for that hour. But switching to a subscription based model with AI in mind means you can scale your business better. You can develop better relationships with clients because there is predictable revenue.
Listen in to learn more!
- 4:38 The Latent Legal Market Opportunity
- 9:11 Framework for Using AI Effectively
- 13:25 Retrieval Augmented Generation & Tool Selection
- 16:07 AI in Legal Practice
- 19:10 The End of the Billable Hour & Subscription Benefits\
Tune in to today’s episode and checkout the full show notes here.
Connect with Mathew:
