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What kind of value is being delivered by artificial intelligence? It depends on who you ask.
Executives Are Pouring Money Into AI. So Why Are They Saying It’s Not Paying Off?
In my business, all mid-sized and major law firms have embarked upon major AI initiatives, and it has driven substantial time and cost savings in the pre-draft and draft stage. A former DLA Piper partner who now runs a law firm bid SaaS company mentioned that a task that used to take six hours now takes an associate six minutes. So I naturally asked the question in an open forum: “Granted. So how much does the client get billed? Six hours’ worth of time? Six minutes? Something in between.”
No response.
The answer is, of course, whatever the law firm can squeeze out of the client.
The real challenge with AI are the hallucinations it creates. In legal, if you’re 99.9% correct, you’re 100% wrong. Also, AI isn’t creative, it doesn’t build, it doesn’t improve. It only recounts what has gone on in the past. So it has some low-level value, at present.
The future? I think the legal profession — like most knowledge-based professions — is in serious trouble, and frankly, it probably should be.
Audaces fortuna iuvat
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