Elite law firm Sullivan & Cromwell admits to AI ‘hallucinations’
Firm whose partners bill more than $2,000 per hour apologises to judge for software-driven errors in bankruptcy case
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Clients’ barrage of AI-generated queries risks pushing up lawyers’ fees
Firms may raise prices for fixed-fee contracts if clients keep sending flurries of emails and letters
Clifford Chance cites AI as it axes 10% of back-office staff
Magic Circle legal firm also shifts work to lower-cost hubs in Poland and India
Big accounting firms fail to track AI impact on audit quality, says regulator
Financial Reporting Council finds some auditors also lacked performance indicators for automated tools used
Merger blocked after lawyers Simpson Thacher miss deadline for appeal
Law firm, where partners are paid an average of $7.7mn, says mistake was because of its ‘misinterpretation of the rules’
The AI Shift: If AI is coming for junior lawyers’ jobs, why does their pay keep…
Automation may be freeing up their time to do more valuable work