Legal giant Latham & Watkins, which generated $8.3bn (£6.3bn) last year, has launched a $1m (£760,000) programme to encourage associates to use AI.
The law firm said the financial rewards, which represent one per cent of the firm’s global revenue, will be awarded “to recognise associates who lead or materially contribute to AI initiatives that create value for clients, practice groups, matter teams or the firm as a whole.”
Latham & Watkins said individual awards “will vary based on the significance, impact, and scalability of each contribution.”
Michael Rubin, chair of Latham’s AI strategy committee, said the programme is part of the firm moving to “continue to advance our AI strategy”.
“Our associates bring firsthand insight into where AI can make a meaningful difference, and this award is designed to foster that ingenuity and help identify and scale the ideas that can create the greatest value for our clients and our firm,” Rubin said.
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SUBSCRIBE HERELatham said it will run a nomination process next spring to select the award recipients, with associates worldwide eligible.
Law firms look to reward AI use
Other law firms have followed similar financially based award incentives for AI use among younger members.
Shoosmiths, whose annual revenue was £221.4m, roughly 96 per cent less than Latham’s annual revenue, in April last year became the first major law firm to link a firmwide bonus to its workforce’s use of AI.
The firm exclusively told that it set a “clear and ambitious annual target”: one million Microsoft Copilot prompts to unlock a £1m bonus pot for staff in the new financial year.
The City law firm doubled down on the commitment, setting aside a second £1m bonus pot after it hit the target four months early.