Gen AI vs the Billable Hour – Why Value-Based Billing is Better Suited to Adopting AI Tools

The legal industry is rapidly evolving, with the rise of Gen AI technologies such as ChatGPT, legal research tools, and document automation systems. With the fast-paced digital evolution facing the legal industry, the inevitable question on everyone’s minds is “what impact will AI have on traditional billing models, specifically the billable hour? Will it kill the billable hour”?

Law firms are finding themselves under increased pressure from their clients, their employees and industry dynamics to wrestle with how new technologies will impact their output, their billing models and their bottom lines.  This is not just an immediate problem for now.  How law firm leaders meet this problem will undoubtedly determine whether they will be sustainable long into the future. Moores has been a successful value-pricing law firm for more than a decade.  Come and learn from our mistakes and our successes and take away some insights and actionable strategies that you can experiment with in your own organisations.

The session will delve into:

• understanding the distinct characteristics and attributes of alternative fee arrangements as compared to traditional time-based billing models
• exploring the impact of new technologies on traditional billing models, including impact on profitability and future sustainability
• delivering practical insights and best practices for leveraging technology to optimize the benefits to clients and employees when adopting a value-based billing model
• actionable strategies to experiment with alternative fee arrangements in your practice
• how prioritising outcomes and value over time will empower your teams to thrive in a future state workplace while maintaining high levels of client and employee engagement.

Key Learnings

1. Have a deeper understanding of alternative fee arrangements (AFA), especially value-based pricing
2. Learn from my experience of how to be profitable value-pricing firm that leverages AI integrations to improve efficiency as well as client and employee engagement
3. Take away some actionable strategies about how to experiment with alternative fee arrangements in your practice.