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Update
What changedThe Financial Times reports that A&O Shearman’s partners agreed this autumn to commit about £820 million over five years to AI. Most of that is lawyers’ time rather than cash: every practice must devote at least 3% of its billable time to building tools, with practice heads choosing how to meet the target and the firm tracking the hours.
Since this summer, AI use has also fed into bonus and performance assessments for associates, partners and business staff. The tasks are weighted differently, distinguishing individual productivity from work such as precedents and prompts that others can reuse.
The report also says revenue from ContractMatrix, a contract tool built with Harvey and Microsoft, is in the tens of millions of US dollars, up ninefold in the previous 12 months.
Sources and evidence- A&O Shearman puts £820m and 3% of billable time into AI – Resultsense: The Financial Times reports that A&O Shearman plans about £820 million of AI investment over five years, mostly through lawyers’ time, and that AI use is now part of performance assessments; its report also gives new figures on ContractMatrix revenue and fixed-fee income.
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