Legal revolution? Law firms invest in cost saving AI tools like ChatGPT to stave off declining profitability

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City AM

By Louis Goss Law firms are continuing to invest in cost-saving technologies, including artificial intelligence driven tools like ChatGPT, in seeking to stave off falling profitability. A sharp drop in M&A deals has hit US law firms’ profitability, wiping out the majority of all gains they made during Covid, the research from Thomson Reuters shows. US law firms have, however, continued to invest in tech, in seeking to boost efficiency and retain their competitive advantage against rivals, the research shows. It comes as Magic Circle law firm Allen & Overy today announced it would be giving its…

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