In the upcoming Spring 2025 publication titled "Fighting the Hypothetical: Why Law Firms Should Rethink the Billable Hour in the Generative AI Era," the authors argue that Generative AI technology threatens to revolutionize legal services by automating tasks previously done by junior employees. This shift could undermine the billable hour model, prompting law firms to find alternative revenue strategies. To avoid potentially damaging decisions, firms must analyze their historical data and adopt a data-driven approach, given the risk of financial instability in this transformative landscape.
"The legal industry stands at a critical inflection point, because GenAI now can automate many routine legal tasks that have been handled for decades by junior professionals at premium hourly rates."
"Law firms must develop new ways to demonstrate the value of their services that align with a modified revenue model as the billable hour model faces obsolescence in the GenAI era."
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