INDUSTRY NEWSInvestigateNOW
Big banks want a cut of lawyers’ AI savings
Financial Times Technology
Factual evidence
What the source reports
Goldman Sachs, Morgan Stanley, and Citi are pressing external law firms to lower fees, citing productivity gains from legal AI tools.
OneBench interpretation
Institutional assessment
So what
Peer banks are shifting vendor management strategy to capture third-party AI efficiency gains in external legal spend.
Do what
Brief your legal operations procurement team to factor external counsel AI adoption into contract renewal negotiations.