WALL STREET STARTED TAKING AI-CHAW'S LAWYER'S FEE: IT WASN'T ENOUGH TO SAVE TIME, AND THE OFFER HAD TO DROP

ON SEPTEMBER, ACCORDING TO THE NEWS, GOLDMAN SACHS, MORGAN STANLEY AND CITIGROUP BEGAN TO ASK LARGE UNITED STATES FIRMS TO TRANSLATE THE EFFICIENCY GAINS BROUGHT BY AI DIRECTLY INTO THE OFFER. AT HOURLY RATES, AI PRESSES 10 HOURS OF WORK TO FOUR HOURS AND THE BILL WOULD HAVE FALLEN. BUT BANKS NOW WANT TO PRESS PRICES EVEN FURTHER: CALCULATE IN ADVANCE HOW MUCH AI CAN SAVE AND GET THE FIRM TO REPORT LOWER TOTAL PRICES. CITICORP HAS ASKED THE FIRM TO BID ON THE PROJECT AND TO INDICATE HOW MUCH AI SAVED THEM. MORGAN STANLEY INTENDS TO ALLOW MUCH OF THE EXTERNAL LEGAL WORK TO BE PROCURED THROUGH COMPETITIVE BIDDING AND TO INCREASE THE USE OF FIXED PRICES BY THE END OF THE YEAR. GOLDMAN SACHS IS ALSO ASKING ABOUT HOW MUCH EFFICIENCY AI HAS ACHIEVED. THIS HAS A DIRECT IMPACT ON THE LONG-TERM "HOURS-TO-HOUR" MODEL OF THE FIRM. RESEARCH, CONTRACT REVIEW AND RETRIEVAL OF LITIGATION DOCUMENTS CAN BE ACCELERATED BY AI, BUT HOURLY RATES AT THE UNITED STATES TOP LAW FIRM ARE STILL RISING. WALL STREET IS NOW TRYING TO GET THE MONEY SAVED BY AI DIRECTLY FROM THE LAWYER'S FEE。