Business Insider: The CEO of LexisNexis thinks AI could make lawyers more expensive — to the tune of $10,000 an hour | Practice Source - Legal News and Views

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The CEO of LexisNexis thinks AI could make lawyers more expensive — to the tune of $10,000 an hour

As law firms probe how to leverage AI, lawyers are worried about the impact on billable hours.
Sean Fitzpatrick, CEO of Lexis Nexis, shared why he thinks billable hours may go up in cost.
AI gives lawyers “that extra set of eyes” that allows them to deliver better service, he said.

Law firms are working out how to use artificial intelligence to save time, but their lawyers are wringing their hands over the effect on their billable hours.

Sean Fitzpatrick, CEO of LexisNexis North America, UK, and Ireland, thinks a lot about this question. He oversees the teams responsible for delivering data products and insights to legal professionals at law firms, corporations, and government entities. Last week, during a panel discussion at Legalweek, he tried to ease their concerns.

Fitzpatrick predicted that some law partners could charge a standard billing rate of $10,000 an hour within the decade, placing them on the top shelf of high-paying, white-collar professions.

Billing rates are trending upward at big firms across the country, driven by the continued consolidation of law firms and rising demand for top legal talent. The going rate for senior partners at some of the nation’s highest-grossing law firms is close to $2,100 an hour, according to an analysis of public disclosures by legal data platform Valeo Partners.