Major Wall Street banks have instructed their legal teams to reduce invoices, arguing that advancements in technology have streamlined routine legal tasks, allowing for greater efficiency. The firms—including Goldman Sachs, Morgan Stanley, and Citigroup—claim that automation and digital tools now handle basic work more quickly, justifying lower fees for standard services. Law firms are being pressured to align billing practices with these new operational realities, potentially reshaping how financial institutions budget for legal support. The shift reflects broader industry trends as corporations seek cost savings through technological integration.
Goldman Sachs, Morgan Stanley and Citi tell law firms their bills should fall because technology has made routine work faster
