‘They’re Not Cheap’: Law Firm CIOs on Generative AI Tools
Oct 18 2023
Will Gaus, chief innovation officer of Troutman Pepper, and Alison Grounds, founder and managing partner of Troutman Pepper eMerge, were quoted in the October 17, 2023 Law360 Pulse article, “‘They’re Not Cheap’: Law Firm CIOs on Generative AI Tools.”
Tech leaders from Troutman Pepper, which built an internal AI assistant and is also currently evaluating AI providers, told Law360 Pulse that vendors are still sorting out their pricing models while trying to determine what the market will tolerate in terms of pricing.
Troutman Pepper’s team is still trying to determine the potential costs of using other generative AI tools.
Partner Alison A. Grounds told Law360 Pulse, “I don’t know that we have the answers to all that yet because I don’t think the providers have the answers to all that yet.”
Troutman Pepper’s AI assistant is also built with the models from Microsoft.
William Gaus, chief innovation officer for the firm, said it has had discussions about the future of its chatbot, recognizing that at some point the firm may have to limit the use of the tool to certain staff members or for complex use cases if the cost adds up.
Pricing questions aside, law firm leaders say they are looking forward to learning more about the capabilities of these new generative AI platforms to see how they can be used to help clients.
“We hope and are excited about a time where we will be able to leverage that technology to reduce the cost of providing legal services and continue to improve the quality,” said Grounds of Troutman Pepper.