Rethinking Pricing, Profitability and Performance in an AI World

Market pressures have quickly changed the question from "if" to "how" as it relates to the use of AI in many law firms. Legal tasks that once took hours can now take minutes, and while this may be disastrous for law firms with limited pricing flexibility, others see this as an opportunity to more efficiently deliver services that clients want but only at discounted rates. In many law firms, billing fewer hours and lower rates are dilutive to profits. In other firms, delivering more work with fewer resources, coupled with strategic pricing, generates healthy profits and more client goodwill. 

In this session, we'll explore how AI impacts the pricing of legal services, the role AI plays in matter and timekeeper profitability and the ways partner incentives are evolving to better accommodate AI-driven workflow. 

Learning Objectives:

• Recognize how AI is impacting traditional pricing models and disrupting the link between rates and hours and profits. 

• Describe the circumstances where profiting from expertise may be more appealing than profiting from productivity. 

• Identify specific ways law firms are testing and implementing new methods that are driven by AI and incorporate AI.