As with many things AI, a new study shows big changes on the horizon, with incremental movement in the current day-to-day.
A survey of law department professionals by Everlaw and the Association of Corporate Counsel titled “Generative AI’s Growing Strategic Value for Corporate Law Departments” reveals that most organizations (61%) are “somewhat” or “very” likely to push back on law firm pricing models.
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But 59% report being unaware of whether their law firms are currently using GenAI for their matters, and 80% are not currently encouraging or requiring their firms to use the technology.
Law departments’ own use of the technology, meanwhile, has more than doubled in the past year, allowing in-house counsel to take on more work themselves.
“Momentum is building against the billable hour,” Everlaw’s Petra Pasternak writes in a summary of the report. “Firms that connect GenAI-enabled efficiency to fair, transparent pricing will differentiate themselves as modern, client-first partners.”
The data draws on responses from 657 in-house professionals in 30 countries.
Managing Partners are Navigating the AI Inflection Point.
New executive research from Ari Kaplan explores how law firm leaders are responding to changing client expectations, evolving economics, talent transformation, and AI governance.
In-House Teams Turn to GenAI for Efficiency, Raising New Expectations for Law Firms [Everlaw]
Generative AI’s Growing Strategic Value for Corporate Law Departments [Everlaw]
Jeremy Barker is the director of content marketing for Breaking Media. Feel free to email him with questions or comments and to connect on LinkedIn.