Photo: Summit Art Creations/Adobe Stock AFAs Will Grow as Firms Increase Gen AI Usage, New Survey Finds
"When we first saw AFAs hit the market, it was totally client-driven. With this new shift, it could be law firm-driven, because their profitability is at stake," said Barnes & Thornburg's Cassie Vertovec, one of the authors of the study.
August 28, 2024 at 01:59 PM
5 minute read
Artificial Intelligence
The original version of this story was published on New York Law Journal
What You Need to Know
- A new report that surveyed 69 AmLaw 200 firms found that firms increasingly expect to use alternative fee arrangements in the coming years as a result of generative AI.
- As firms begin to use AI, however, there is a disconnect between them and their clients, according to the study.
- Respondents also thought that AI is still on the horizon and not a problem for the immediate future.
A new survey found that Am Law 200 firms expect to see an increase in alternative fee arrangements or modified billing as a result of generative AI. Still, the rising technology will likely deliver a greater challenge to the billable hour model in five years, rather than in the immediate future.
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