Wall Street banks push Big Law to cut fees because of AI

Major Wall Street banks are pressuring elite law firms to discount fees for junior lawyers' work, arguing AI now handles document review and due diligence that once justified those billable hours. Banks say clients shouldn't pay for training new associates when AI tools can do the same work in seconds. Law firms are pushing back because junior billables are a key profit driver. JPMorgan, Goldman Sachs, and others are leading the push, but the article doesn't disclose specific discount rates or which firms have conceded. The pressure is real; how long firms can resist is the open question.