Generative AI and the Future of Law Firms: Implications for the Law Firm Business Model and the Future of Lawyer Formation

Generative AI has become the hottest topic in the profession over the last year. But what exactly makes this moment different from prior waves of technology in legal? Moving from a basic primer on generative AI through some of the major implications for law firms, participants will learn foundational concepts about generative AI, what makes this technology so unusual, its potential impact on law firm business models, possible effects on junior lawyer formation, the opportunities it creates, challenges to law firm adoption, and leadership approaches needed to shape the law firm of the future.

The session will cover: 

• An overview of AI and generative AI – what makes them different, why there is so much interest in generative AI, and unusual new concepts related to these technologies [15 minutes]
• Why law is so susceptible to generative AI impact, how the leveraged labor and billable hour business model might change, and the role of firm clients in driving innovation [15 minutes]
• How generative technologies will change the traditional approach to lawyer development, relationships among law firms, schools, and bar regulators, and the future of a junior lawyer's practice [10 minutes]
• Opportunities generative AI creates for law firms to innovate in client service, scale up pro bono efforts, and grow practices related to novel legal questions [5 minutes]
• Challenges to law firm adoption, including lawyer personalities, lack of best practices, and precedent-based culture [5 minutes]
• Leadership mindsets needed to guide firms into the era of generative AI-infused legal services [10 minutes]

Who Should Attend: Those interested in generative AI and its implications for the law firm business model and the future of lawyer formation

Program Level: Overview

Prerequisites: None

Advanced Preparation: None

Faculty:

Jennifer Leonard

Founder, Creative Lawyers

Adjunct Professor, Penn Carey Law