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What does AI mean for professional services business models?
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This article considers the likely impact of AI in law firms and related enterprises over the next five years. I refer to banking transactions in some of my arguments below. This is because they are familiar to readers of this publication and they are good to illustrate the points I want to make. The points relating to banking transactions are applicable to all transactions with few changes, and more broadly to illustrate how AI affects legal services business models.
Key Points
- AI is highly relevant to law firms and will operate best when coupled with standardisation.
- Law firms must use expert tech systems and work alongside providers of those systems, that is, technology firms.
- New technologies naturally give rise to new working practices.
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