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The decline of time-based law firms

Jordan Furlong: “Feeling apocalyptic about the impact of legally trained Large Language Models (LLMs) on the future of law firms? No? Allow this excerpt from Corporate Counsel to help you with that.

[T]here’s reason to believe a boatload of tasks could be replaced by AI—about 44% of legal tasks within the U.S., according to Goldman Sachs’ report on generative AI. If that comes to pass, “the next thing that happens is GCs saying we’re not paying $900 an hour for associates to do something a machine can do for 2% of the cost,” Cemenska said. “If 44% of the work goes away, about 85-90% of junior associate work goes away and a significant portion of senior associate and non-equity partner work is going to be partially eroded.”

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