Wall Street banks demand lower legal fees as AI boosts efficiency: FT

Wall Street Banks Demand Law Firms Slash Rates And Just Trust AI… No Way This Could Backfire!

The Financial Times just published an article titled “Wall Street banks push Big Law to cut fees because of AI.” Apparently the investment bankers have decided that paying legal bills doesn’t make sense now that ChatGPT can spit out answers. We’re mere months removed from the high profile — yet very entertaining — disaster of a gaming CEO asking ChatGPT to give him the legal basis to avoid paying a $250 million bonus.Yadda yadda yadda, he lost.H…

Wall Street Banks Demand Law Firms Slash Rates And Just Trust AI... No Way This Could Backfire!

Banks want more AI legal work. It's all fun and games until they come asking for a bailout. The post Wall Street Banks Demand Law Firms Slash Rates And Just Trust AI… No Way This Could Backfire! appeared first on Above the Law.

Wall Street banks ask elite law firms to cut hourly billings — arguing that AI is speeding legal work

Three of Wall Street's biggest banks are demanding lower fees from elite attorneys as AI threatens to upend Big Law's lucrative billable-hour model.

Wall Street banks demand lower legal fees as AI boosts efficiency: FT

Goldman Sachs (GS), Morgan Stanley (MS), and Citi (C) tell law firms their bills should fall because technology has made routine work faster, the Financial Times reported.

Wall Street banks push Big Law to cut fees because of AI

Goldman Sachs, Morgan Stanley and Citi tell law firms their bills should fall because technology has made routine work faster