Globalaw attorney’s Gerard Endedijk, partner at Rutgers & Posch and Arthur Shay, senior partner at Shay & Partners were recently quoted in a Raconteur publication titled How AI and analytics made the billable hour redundant.
Gerard Endedijk, partner at Rutgers & Posch, Globalaw, agrees. “The traditional hourly-rate system is losing importance and alternatives, such as fixed fees, capped fees and success fees, are seen more frequently,” he says. “Clients emphasise the value law firms create for business issues, more than the actual time lawyers spend on cases.”
Arthur Shay, senior partner at Shay & Partners, Globalaw, says the efficiency gains from legal technology are having the reverse effect on billable hours. “Artificial intelligence is helping to increase the value of the billable hour, demonstrating to clients that law firms are effectively commanding the necessary modern skills to improve the quality and efficiency of their service,” he says.
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