Wall Street banks are calling on large law firms to reduce fees, seeking a share of potential savings that the industry is making from artificial intelligence, the Financial Times reported Tuesday.

Morgan Stanley (MS) and Citigroup (C) are asking for new payment arrangements that would save them money, the banks' in-house lawyers told FT.

Meanwhile, Goldman Sachs (GS) has asked how much AI is saving law firms and expects to share the savings, two sources told FT.

Morgan Stanley, Citigroup and Goldman Sachs did not immediately respond to requests for comment from MT Newswires.

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