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Not better, just more profitable for firms.
Yes. Whether by AI or some technology not yet discovered, we will be able to solve problems in less time than it currently takes. The focus will gradually shift from Value of work to Volume of work (while increasing Value). That is when the billable hour will die. In that case, everything will eventually become project-based or carry a contingency fee.
Love the optimism but this assumes a logical system, which isn’t the case with the big law market. People thought the same thing when we shifted from legal research in books to Lexis/Westlaw and from manual doc review to technology assisted doc review. The billable hour has survived them all.
That said, you are absolutely correct with respect to mid and small law markets that are run more logically and are well on their way to killing the billable hour.
I need some record of my misery.