Generative AI and Your Firm's Strategy and Business Model

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On 2 August 2023, in the seventh session in the CLI’s [www.cli.collaw...] AI for Legal Series [www.cli.collaw...], Joel Barolsky [ / joelbarolsky ], Principal, Edge International [www.edge.ai/] discussed how Generative AI is changing law firm strategy and business models.
Topics covered in this session included how current generative AI will impact a law firm’s business strategy and business model for:
• Team structure, shape and composition
• Leverage, pricing margin and utilisation
• The dynamics and exchange of value between firms and their clients
• The role and offering of private law firms
• Marketing and business development
• Firm-wide capabilities and skill sets
• Risk and the cost of PI insurance
• New growth opportunities in advising clients on AI-related matters
• Industry structure and profitability
• Likely winners and losers
Resources
• CLI Legal Generative AI LinkedIn Group [ / 14250779 ]
• CLI Generative AI Initiative [www.cli.collaw...]
If you would prefer to listen rather than watch this episode, you’ll find the podcast in our The Legalpreneurs Sandbox podcast series here [www.cli.collaw...].
About the Centre for Legal Innovation
The Centre for Legal Innovation (Australia, New Zealand and Asia Pacific) is an innovation-focused think tank at the College of Law. The Centre provides thought leadership, practical research and opportunities for collaboration to support legal professionals as they navigate the disruption and new technologies transforming the industry. Find out more about our work or contact us via our website, LinkedIn, Facebook or Twitter. Come and join us in The Legalpreneurs Lab [www.cli.collaw...] - your one stop shop for all things legaltech and legal innovation.