Lawyers may soon charge $10,000 an hour thanks to AI, says LexisNexis CEO

WTF?! Generative AI is going to have a huge impact on the way we work. There are the bad elements, such as job losses and the environmental impact, and the good ones, like making tasks less monotonous and aiding R&D endeavors. For lawyers, the technology could enable them to push their already high billing rates to an astounding $10,000 per hour within a decade, according to one CEO. Sean Fitzpatrick, CEO of US data analytics company LexisNexis, made the prediction during a panel discussion at Legalweek (via Business Insider). Currently, senior partners at some of the United States' highest-grossing law firms charge close to $2,100 per hour for their services. Fitzpatrick believes that lawyers will be able to further use AI for various elements of their work, such as faster case law retrieval, summarizing arguments, drafting and analyzing documents, and profiling judges or opposing counsel. It could also automate monotonous tasks, leaving lawyers more time to focus on important aspe ... Read full article.