This is how the billable hour dies — from jordanfurlong.substack.com by Jordan Furlong
Let me tell you a story about the AI-driven evolution of pricing in the legal market. It might not happen for many years. It might happen much sooner. But when it does, I expect it’ll look like this.
So assemble some of your most creative, forward-thinking people, and ask them: “If the firm could no longer bill our work by the hour, how could we turn a profit?” Give them this article from 2012 to get them started. Show them the firm’s financials for the last 24 months, so that they know how you’re making money now. Have them speak with clients, technology experts, and pricing consultants for insights — might as well get them to ask ChatGPT, too. The answers you get will form the basis of your future strategic plans.