Law Partnership Survey: AI Could Revolutionize Lawyer Billing Practices
Australian Financial Review
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Details
- Date Published
- 2 July 2025
- Priority Score
- 2
- Australian
- Yes
- Created
- 4 July 2025, 03:43 pm
Description
Despite a desire for fixed-fee arrangements and a shift in attitude among law firm leaders, the traditional method remains the charging tool of choice.
Summary
The article highlights how the integration of artificial intelligence is prompting a shift in the legal industry's billing practices from traditional time-based methods to value-based pricing. AI's ability to streamline the legal process is diminishing the relevance of time billing, with clients increasingly demanding pricing that reflects outcomes rather than hours. This change poses challenges for firms that resist adapting, potentially impacting their competitiveness. While the article doesn't delve deeply into existential AI risks, it underscores the transformative impact of AI on industry practices, relevant for broader discussions on how AI is reshaping professional services globally.
Body
CompaniesProfessional ServicesLaw Partnership SurveyPrint articleIsabella FreelandReporterJul 3, 2025 – 4.00pmSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginThe boom in artificial intelligence is changing the way law firms charge their clients for advice. Traditional time-based billing, Keypoint Law chief executive Warren Kalinko says, “is becoming obsolete”.“As artificial intelligence accelerates key parts of the legal process, clients increasingly expect pricing that reflects value and outcomes rather than hours worked. Firms that fail to evolve will fall behind,” he says.Loading...Isabella Freelandis a trainee journalist for The Australian Financial Review.SaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreLaw Partnership SurveyAIJobsKing & Wood MallesonsMinterEllisonHerbert Smith FreehillsSubscriber exclusiveFetching latest articlesWhat lurks beneath the stand-off over Sydney’s $750m new fish marketPrimrose RiordanWhy these Australian wines are at risk of extinctionHow much to tip? And other restaurant conundrums to chew onWhat I learnt from the Afterpay founder − and his mumSally PattenWhat an MBA scholarship program taught these leadersThis CEO’s business card is embedded in her nailsEmbrace fine craft with an opulent James Bond watch or Piaget cuffEugenie KellyThe First Nations chef who’s bringing Australian cuisine to the worldBlood doping and Botox: the spa where holiday glow is clinical gradeThe pharmacists who made millions from Chemist Warehouse’s IPOMichael Smith and Max MasonYou’re richer than you know: inside the inheritocracyShe wanted to go to the stars, then built an $800m space tech firm