How AI is Reshaping The Legal Industry

AI has been a hot topic for legal in blogging and thought leadership. Outlets like Legaltech news and Forbes have reported on the emerging use of AI in the legal industry and how it has helped many firms find success in the changing market of a client-demand based business model. The billable hour is beginning to put a strain on many firms, with clients evaluating legal services to meet their value-based, consultative needs. The Center for the Study of the Legal Profession at the Georgetown University Law Center and Thomson Reuters Peer Monitor 2016 Report addresses these trending changes in the industry, stating "What once was a seller's market has now clearly become a buyer's market, and the ramifications of that change are significant." This new buyers-mindset has been consistently evolving since 2008: "[The] market for law firm services has changed in significant and permanent ways. Clients who previously deferred to their outside firms on virtually all key decisions regarding the organization, staffing, scheduling, and pricing of legal matters are now, in most cases, in active control of all of those decisions."