LexisNexis CEO Mike Walsh predicts that AI will actually increase lawyer fees by 2025, contrary to popular belief that AI would make legal services cheaper. Walsh argues that AI tools will make lawyers more efficient and productive, allowing them to handle more complex work and charge premium rates for their enhanced capabilities. He emphasizes that AI will serve as a powerful tool to augment lawyers’ work rather than replace them, enabling them to focus on higher-value tasks and strategic thinking. The CEO suggests that law firms implementing AI effectively will be able to justify higher fees due to improved service quality and faster turnaround times. Walsh also points out that AI adoption in the legal sector is accelerating, with firms investing heavily in AI technologies to streamline research, document review, and contract analysis. However, he maintains that human lawyers will remain essential for complex legal reasoning, strategic advice, and client relationships. The prediction challenges the widespread assumption that AI would democratize legal services by making them more affordable. Instead, Walsh envisions a future where AI-enhanced legal services command higher prices due to their superior value proposition, creating a new premium tier in the legal market where technology-enabled expertise commands top dollar.
Source: https://www.businessinsider.com/lexisnexis-ceo-predicts-ai-increase-lawyer-legal-fees-2025-3