Law firms are exploring AI to enhance efficiency, although lawyers express concerns about its effect on billable hours. Sean Fitzpatrick, CEO of LexisNexis, posits that AI will enable lawyers to offer superior service, potentially justifying increased rates. He anticipates some law partners charging up to $10,000 per hour in the next decade as billing rates increase nationwide. Fitzpatrick emphasizes that AI tools like chatbots could elevate service quality, allowing lawyers to charge more for their expertise.
"Let's say an attorney does 10 hours worth of work at $750 an hour, and let's just say it's a very simple matter… Tomorrow, she has access to this new technology that helps her with her work."
"Fitzpatrick predicted that some law partners could charge a standard billing rate of $10,000 an hour within the decade, placing them on the top shelf of high-paying, white-collar professions."
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