Wall Street banks are reportedly pushing major law firms to reduce their fees, attributing the demand to advancements in artificial intelligence. Goldman Sachs, Morgan Stanley, and Citi are among the institutions telling law firms that their charges should decrease, as AI has made routine tasks more efficient.
Wall Street Banks Urge Law Firms to Cut Fees Over AI Efficiency
UKPulse Money DeskMajor Wall Street banks, including Goldman Sachs, Morgan Stanley, and Citi, are reportedly pressuring law firms to reduce their fees, citing increased efficiency from AI.
- Goldman Sachs, Morgan Stanley, and Citi are telling law firms to lower their bills.
- The banks argue that technology, specifically AI, has made routine legal work faster.