Wall Street banks push Big Law to cut fees because of AI

Big Wall Street banks like Goldman Sachs, Morgan Stanley, and Citi are pressuring top law firms to reduce their legal fees, arguing that advancements in AI technology have sped up routine tasks, making them less costly. This move highlights the growing influence of technology on traditional industries and could lead to a reevaluation of pricing models in legal services. The implications are significant as it may set a precedent for other sectors to leverage technology to negotiate lower costs from service providers.