CEO of LexisNexis, Sean Fitzpatrick, believes that AI could potentially make lawyers more expensive, with some partners charging up to $10,000 an hour.
Fitzpatrick suggests that lawyers who leverage AI can provide higher quality service and, therefore, charge more for their work.
He gives an example of a lawyer who, with access to AI technology, can create more value for the client, resulting in possible billing of $8,000 instead of $7,500.
Although the legal industry is moving towards fixed fees, the value of lawyers' time may increase as they can focus on more complex problem-solving tasks with the help of AI tools.