law firm

“When you Join a law firm. It's something that everyone on the outside wants to get into it, but everyone on the inside of that law firm wants to leave.”

“Most law firms still bill on a hourly model, whereas a lot of innovation takes place in industries where the person doing the innovation will be able to reap the rewards. So if you introduce a new efficiency in a law firm, which means that you spend less time …”

“Virtually all law firms are run by a partnership, and it's often the most senior partners that have the heaviest voice in that partnership, and they're also closest to retirement, so, you know, a senior partner might vote against a proposal that would mean les…”

“If there's three people competing for the same Making the same kind of software. Then the law firm gets the value. Like we don't get paid. Excel doesn't charge 60 grand a year because it replaced an analyst. It charged 60 bucks because that's what you get for …”

“And so you have a structure in the largest law firms in the world where they're moving from the billable hour to fixed pricing. And what you have in finance is you take a portion of the transaction value, and we will start to see that happening too in transact…”

“And I think there's one interesting dynamic in the legal world, which is these firms are not spending the company's money. They're spending their own money because every year the firms split the profit.”

“I don't think so. I think we'll just get more work.”

“I think it's around 40% of our revenue is in-house corporate, and 60% is law firm. Something like that.”

“I think everybody is still treating this as an extended pilot and an option on AI. It's like a call option, right? They're not doing five-year contracts. They're doing one to three-year contracts.”

“So I think law firms will go through a quite significant consolidation period, because so far there hasn't been a lot of incentives to consolidate law firms, but now actually private equity wants to get in on the action. They want to fund different law firms w…”

“I do think that there will Probably be less junior lawyers and trainees, but, because I think that you just won't need as many people to execute the work that the firm has.”

“Fast forward five years, to be clear, I think there will be AI-focused service providers, two law firms, they'll buy the product and the drama will be out of the deal.”