AI and Hourly Billing: How to Avoid the Perfect Pricing Storm

This is a Guest Post written by pricing expert, Richard Burcher, Managing Director of Validatum about how to avoid the trap of seeing efficiency combined with hourly billing result in margin erosion, and instead to use AI to increase productivity and boost law firm income. The article was written ahead of a Validatum conference this summer at the offices of CMS Cameron McKenna in London and the survey data below is from that audience. We have been thinking about AI from a pricing perspective for some time, so earlier this week we picked up that theme for the latest bi-monthly Validatum Pricing Forum. We were a little surprised (pleasantly) at the numbers (35) given what we thought was the relatively niche title of the session: 'The perfect pricing storm; artificial intelligence and hourly billing.' We took the opportunity to poll the audience with several live on-screen and anonymous questions, the results for which took us by surprise.