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Freshfields, a centuries-old law firm, is exploring a carve-out of its AI unit with a putative multibillion-dollar price tag, as bankers reach out amid soaring AI valuations. While a spin-off could raise external capital and broaden the market by allowing third-party use of its AI tools, the article argues it's a siren song best resisted. High valuations in legal tech — such as Legora, valued at 30 times recurring revenue — do not reflect the sector's lack of profitability and rising token costs.

Many AI-powered product firms subsidize offerings through decoupled fees, and shifting to usage-based models may drive customers to cheaper peers. The legal AI sector is crowded, with frontier labs, wrappers like Legora and Harvey, and peers all investing heavily. Legalcomplex reports the sector has already pulled in $7bn this year.

Law’s total turnover is $1.1tn, with only 4-5% going to IT; even allocating a quarter of that to legal AI implies a sub-$14bn market. Instead of spinning out, law firms should either keep AI proprietary if truly game-changing or mix and match by buying tools alongside homegrown ones for flexibility. Lawyers, susceptible to AI’s allure, should follow bankers’ actions, not advice — after all, few Wall Street giants have spun out their AI units.

উৎস: Financial Times Companies · সারাংশ: HeadlinesBriefing