Generative AI Slated to Shake Up Competition in Big, Midsize Law Market [The Legal Intelligencer Quoting Gina Rubel]
Generative AI is set to have a major impact on the way law firms do business, but the effect it has will vary for law firms of different sizes and practice areas. Furia Rubel CEO & General Counsel Gina Rubel weighs in on the nuances of generative AI in the legal industry and how it will change the nature of competition among law firms.
Rubel does not anticipate that generative AI will result in small and midsize firms being priced out of the legal market. On the contrary, she says, “when [firms] adopt and develop a policy and use it for efficiencies and more effectiveness, [they] will be more competitive.”
The effect on competition will not be uniform, however, but will vary depending on practice area, Rubel says: “There’s no doubt in my mind that [the technology] is going to effect competition. In some industries it will affect competition more quickly than others … I do think there are industries that are not going to be impacted the same way.” She adds, “We generalize the industry: [generative AI] may or may not help a criminal defense firm or a white-collar defense practice. [It’s] dependent on the type of practice and client persona, type of client, industry and what the industry needs.”
Other legal industry experts are quoted in the article, including Lawrence McMichael, chairman of Dilworth Paxson, Ralph Baxter, former chairman and CEO of Orrick Herrington & Sutcliffe, Ryan Lockman, managing partner at Horn Williamson, and Ed Estrada, principal and founder at Estrada Legal Consulting.
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