Clarity The impact of GenAI on the business of law and the billable hour
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Dec 4, 2024 Toby Brown, a legal pricing visionary, and Stuart Dodds, author and expert on alternative fee arrangements, engage in a thought-provoking conversation about the transformative role of GenAI in law. They dive into how AI challenges traditional billable hour models, emphasizing the need for firms to adapt to innovative technologies. Topics include the balance of tech efficiency and client communication, the importance of educating clients about AI, and the strategic investments needed for navigating the evolving landscape of legal services.
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GenAI and Revenue
- Generative AI's impact on billable hours is undeniable.
- However, this doesn't automatically translate to revenue loss, and there are ways to navigate this shift.
Using AI for Efficiency
- Target AI solutions towards inefficient, unbillable tasks like correcting errors and training.
- Repurpose the saved time for billable work, increasing capacity and output.
Overwhelmed Managing Partner
- Toby Brown recounts an anecdote about a managing partner overwhelmed by AI.
- The partner considered waiting to see what happens, similar to Blockbuster's inaction.