David Cohen, senior director, client services delivery at McCarthy Tétrault LLP
By Julius Melnitzer | August 2, 2023
Generative artificial intelligence could be the catalyst that portends the long-predicted death of the billable hour.
“Clients have been clamouring for new pricing models for some time, and generative AI – which can produce answers in seconds instead of hours – could well be the inflection point,” says David Cohen, the Toronto-based, senior director, client services delivery at McCarthy Tétrault LLP.
The firms who can extract the most benefit from AI will have a leg up, says Rahim Esmail, the Vancouver-based senior counsel at Telus Legal Services.
“Law firms that can leverage AI in a way that makes them more efficient without sacrificing the soundness of their advice will probably win more business from clients than firms who adapt more slowly. Some will focus on strategic advice in transactions that are less amenable to AI, and they may not be impacted at all. So you might see a shift in the landscape where firms focus on one or the other, or combining both but in separate units.”
According to Cohen, McCarthy and other firms have been examining the interaction of generative AI and value-based pricing.
“General counsel want to know what . . . MORE
Julius Melnitzer is a Toronto-based legal affairs writer, ghostwriter, writing coach and media trainer. Readers can reach him at [email protected] or https://legalwriter.net/contact.
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