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 IntelligenceThe 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.
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Law Firms Mentioned
Trending Stories
- 1Wine, Dine and Grind (Through the Weekend): Summer Associates Thirst For Experience in 'Real Matters'
- 2The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 3The 'Biden Effect' on Senior Attorneys: Should I Stay or Should I Go?
- 4BD Settles Thousands of Bard Hernia Mesh Lawsuits
- 5'You Are Not Alone': 120 Sex Assault Victims Plan to Sue Sean 'Diddy' Combs
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250