A paper written by a Yale Law School professor in 2019 tells us how AI will kill law firms.
John Morely analyzed the mechanics of law firm failures in his article in Business Lawyer called “Why Law Firms Collapse”.
He analyzes 37 law firm failures and finds a clear pattern.
I lay out the essentials of Morley's "run on the bank" thesis and illustrate how this dynamic might play out in the not-so-distant future at laggard firms.
Update: I've gotten a lot of doubters in the comments that we're heading towards a bifurcated market so I thought I'd share this article by the Ford Motor Company GC. This dynamic is absolutely real.
First published on LinkedIn. Read the thread and replies.
Ted Theodoropoulos is CEO and co-founder of Infodash and hosts the Legal Innovation Spotlight podcast. He writes about legal AI strategy, law firm technology, and the economics of the law firm business model.