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As A.I. makes law firms more efficient, clients ask: 'Where's my discount?'

150 points · 162 comments · mooreds

  1. mikert89 · · focus · HN ↗
    Spoke with a banker at a well known investment bank in NYC last week. They told the law firm they want the fees cut in half or they walk. This is to a top 5 law firm. Lawyers are trying to charge the same prices, when both sides know they are working half the hours. This is even at the most premium top end, where an engagement bill can run up to 30 million.
    1. lurk2 · · focus · HN ↗
      > Lawyers are trying to charge the same prices, when both sides know they are working half the hours.

      An absurd claim presented without evidence.

      1. mathisfun123 · · focus · HN ↗
        80% of hn comments
        1. anal_reactor · · focus · HN ↗
          Which is, surprisingly, a fantastic result, considering literally all other websites of the internet.

          Ngl I'm guilty myself too though.

        2. mrheosuper · · focus · HN ↗
          An absurd claim presented without evidence.
          1. mathisfun123 · · focus · HN ↗
            Your epistemic barometer is way off if you think claiming "lawyers are now doing 50% less work" is the same as saying "people on the internet make shit up all the time" lolol.
      2. jareklupinski · · focus · HN ↗
        source: my lawyer friend now orders two martinis for lunch instead of one
      3. mikert89 · · focus · HN ↗
        you want me to post their name?
    2. throwyawayyyy · · focus · HN ↗
      Aren't bankers charging the same prices they were _before computerization_?
      1. mikert89 · · focus · HN ↗
        the value from bankers comes from relationships, sales, and their weight in doing a good IPO. its not about hours worked
      2. Henchman21 · · focus · HN ↗
        Are we not still paying to “build out” the payment networks for Visa and Mastercard?
    3. cupofnotjoe · · focus · HN ↗
      Even if you had evidence to substantiate this, a well known investment bank was never utilizing a top 5 law firm because of the rates it charged.
    4. sensanaty · · focus · HN ↗
      Because bankers famously aren't greedy pigs, and they definitely lowered prices for their customers after the efficiencies gained with computerization, right?
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