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Habibi! Anyone here
Got offer from JPMorgan Chase , but variable pay percent was not mentioned in it. HR told it will be around 10-12% . Is it true? It's for VP/602/Commercial Banking? How much we variable pay will get annually? Can someone help as based on this only in have to decide whether, I can go with counter offer or not?
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Firms are too revenue driven to allow that to happen any time soon unless the market forces them to. They get to bill out juniors at ridiculous hourly rates. Plus we have fiduciary duties to ensure the info is correct, and AI is far from perfect. Does it mean they’ll hire 6 juniors instead of the 10 they usually need? Possibly. Similar things happened as online legal research became possible (firms stopped hiring lots of law librarians and didn’t need as many juniors to do research). Similar things also happened as computers were more common, more useful and affordable so that you could redact documents and bates number them without needing to do it by hand… then it became even faster and could be automated to some extent where you could search for specific text and redact it instead of doing this manually.
AI also can’t think of out of the box solutions. I’ve had to do plenty of things that weren’t in a textbook or had never been done before to help solve clients’ problems because they didn’t like the usual solutions.
I think AI will be a tool and it may reduce some jobs, but lawyers control the legislature. They won’t even allow non-lawyers into firm co-ownership in most states. I just don’t see AI replacing most lawyers any time soon
I’d also add that for AI to be as profitable for larger firms, the firms would need to switch to a flat fee billing rate rather than hourly, as the hourly system encourages paying for human man hours. More bodies billing hours even at higher salaries = more firm revenue. Larger firms have a major financial disincentive to do away hourly billing. Larger firms have been digging in their heels kicking and screaming even as other industries that were hourly have switched to flat fees. There’s just too much money to be made to walk away from that. Small firms have been much more open to flat fees.
But it can help solos and smaller firms make more money by allowing them to automate more tasks that they can’t bill for as they can’t afford the additional support staff, paralegals, junior lawyers, and bookkeepers they’d need to be more profitable. Then the small firm owners could focus on tasks that make them money instead of all the day-to-day admin tasks that must be done but can’t be billed to a client (meaning they’re losing money doing those tasks like doing their bookkeeping or marketing). Issue is that when new tech comes out, it’s often far too expensive for smaller firms to afford it.
Not at all we are still at a stage where human input is required. A change of skill set is definitely needed to keep up with the market though! Also you would not want to be lumbered with the tasks (on the junior end) that AI would potentially help with or take away …trust me!