The robots are coming (and we’re all for it!)
Are the robots coming to take your job?
We’ve all heard the concern that the rise of AI will eliminate the need for, or at least automate, a lot of the work clients are currently paying lawyers to do. That is likely true – but it’s not necessarily a bad thing!
I can’t say that I’ve ever started my work day being super excited about starting from a base form document and needing to fill in the blanks, or researching a topic from the ground up, or reviewing a pile of documents to prepare disclosure schedules – but those things all have to be done in my practice. Before AI, that meant a human needed to do the work. Very often, it would mean a paralegal taking the first pass, and a lawyer carefully reviewing / revising / finalizing – so, TWO humans with their hands in the work.
Now that AI is on the scene (in SO many different forms!), we can let the robots do the first pass, and free the humans up to do the creative, strategic, critical thinking work. That’s the work our clients really want to pay us for, and the work we all really want to be doing anyway, isn’t it?!
But here’s the catch: if you’re a lawyer billing by the hour, you’re in a bad spot if you get faster and more efficient at delivering your work. When revenue = hourly rate x hours worked, and you reduce the hours worked part of the equation, you’ve suddenly arrived at a revenue deficit. If you don’t want to lose revenue, you either need to (a) increase your hourly rates, or (b) bring in more new clients and projects to make up for the deficit. Not exactly the outcome you hoped for when you got excited about deploying AI tools in your practice!
Make no mistake – the robots ARE coming (really, they’re already here). We’re all for opening the door and welcoming them in, but we’re NOT ok with lawyers taking a hit to their profitability just because the robots have arrived.
In a world where technology that enhances efficiency and quality is everywhere we look (and also really fun and interesting to use), it’s time to start pricing our services based on the value we deliver through our expertise, creativity and unique genius – not how long it took us, or how hard it was.
It’s time for a revolution. Are you with us?
Death to the billable hour. We ride at dawn.
Vive la revolution!
Whitney
P.S. – if you’re ready for the revolution, but not sure how to get started breaking up with hourly billing, we’ve got just what you need. Check out our P3 Method course (available self-paced or with 1:1 coaching) here. For the price of one billable hour, you can be on your way to a more profitable and joyful practice. Now’s the time!