Strong take on the economic math here, but I think it misses one last moat: liability.

Clients don’t just pay for outcomes: they pay for someone else’s name on the line if things go wrong.

Until AI can credibly carry that liability, top firms can drop T&M, run leaner with AI-augmented senior teams, and still protect margins.

The real losers won’t be the rainmakers. It’ll be the clients (prices won’t fall in line with efficiency) and the junior lawyers who used to learn on those billable workstreams.