Connecticut law and accounting firms are experimenting with new billing models as artificial intelligence reshapes their core business, with some moving to value-based rates to compensate for the hours AI tools are cutting from client work.
As artificial intelligence automates the routine legal and accounting work that has traditionally trained junior professionals, law and accounting firms face a fundamental challenge: how to develop the next generation when entry-level assignments disappear.
Connecticut accounting firms are rapidly adopting artificial intelligence to handle routine tasks like data entry and financial analysis, with industry surveys showing 21% already using the technology and another 53% planning or considering adoption amid pressure to deliver faster insights.
Connecticut eases CPA requirements with three new pathways combining education and experience; first major change in 25 years amid nationwide accountant shortage.
As a large number of executives at Connecticut’s privately-held companies — 80% of which are family-owned, according to UConn’s Family Business Program — reach retirement age, an increasing number are selling (or considering selling) their businesses to private equity firms, experts said.
West Hartford accounting firm blumshapiro has always advised companies on things like taxes and risk management, but a few years ago it started offering clients outsourcing services for certain business functions like payroll.
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