Banks press outside counsel to pass through AI savings

On September 25, the Financial Times reported that Goldman Sachs, Morgan Stanley and Citi were among clients pressing law firms to reflect AI-related efficiencies in price, while Persuit said about 80% of services managed through its platform now used alternative fee arrangements. Revolut chief legal officer Tom Hambrett also described prioritizing value and quality over traditional panel loyalty. For outside counsel, the commercial question is moving from whether AI is used to how changed effort is shared and evidenced. Firms will need matter-level baselines, scoping assumptions and quality measures if they want efficiency gains to support both client value and sustainable margins.