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Columbia Business School Professor Rita McGrath spoke with Above the Law reporters Stephanie Corey and Ken Callander about how artificial intelligence is reshaping the economics of legal work. McGrath explained that AI is hastening the decline of the billable hour by increasing efficiency and transparency, pushing law firms toward value-based pricing models. She noted that this shift requires greater operational clarity around outcomes, costs, and client value—rewarding firms that can clearly articulate and deliver results rather than time spent.
