AI for Legal Series

Generative AI and Your Firm's Strategy and Business Model

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On 2 August 2023, in the seventh session in the CLI’s AI for Legal Series, 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 listen rather than watch this episode, you’ll find the podcast in our The Legalpreneurs Sandbox podcast series here.