Episode 176: Generative AI and Your Firm's Strategy and Business Model
This podcast was delivered on 2 August 2023 and is the seventh session in CLI’s AI for Legal Series.
In this session Joel Barolsky, Principal, Edge International discussed how Generative AI is changing law firm strategy and business models.
Topics covered in this session included how current generative AI will impact a law firm’s business strategy and business model for:
- Team structure, shape and composition
- Leverage, pricing margin and utilisation
- The dynamics and exchange of value between firms and their clients
- The role and offering of private law firms
- Marketing and business development
- Firm-wide capabilities and skill sets
- Risk and the cost of PI insurance
- New growth opportunities in advising clients on AI-related matters
- Industry structure and profitability
- Likely winners and losers
Resources
If you would prefer to watch rather than listen to this episode, you’ll find the video in our CLI-Collaborate (CLIC) free Resource Hub here.