AI and the New Business Model

I saw the future of the legal industry in a warehouse in Shoreditch. That perhaps sounds like an unusual thing to say about a 700 billion global market, but after visiting a legal tech company yesterday in London's most dynamic quarter the true scale of what could happen to the legal sector was laid bare. What I saw is not the end for all lawyers, but instead an AI whirlwind hitting the current world of paralegals and junior associates, whose working lives may very well be about to turn upside down. Such a change will, or at least could, shake the economic model of law firms that has existed for decades to its very foundations. And by that I mean the end of large-scale leverage, i.e. the practice of using several junior lawyers to every equity partner and through which some law firms have been able to become incredibly profitable.