| Premise: I study in Austria, so this is the Austrian legal market. > Does that mean some lawyers or law firms which make good use of the technology might offer lower prices and gain market share? In law, lower prices do not necessarily reflect on getting bigger market share. A lot of clients come from hear-say or publicly defended or publicly known cases. When such companies make good use of such technology they will most definitely gain market share by being able to accept more clients/increase "output" so to speak. > Is there latent demand that may be induced into the legal market once the costs are cheaper? That I unfortunately cannot answer, but interesting question! > Can lawyers retrain to specialize in other laws and thus increase supply and lower costs for less automatable areas over time? In Austria, that is common practice for law firms. You generally do a broad service, usually only divided into criminal law and tort/contract law and maybe public law. But within those, you specialise (e.g. NDAs etc...). Lawyers tend not to retrain, rather hire someone who is trained in specified subject. So maybe yes, "AI-hostile" trained lawysers will tend to be more sought after. Whether that is in criminal law or somewhere else, I cannot say. |