Large Language Models (LLMs) have shown capabilities close to human performance in various analytical tasks, leading researchers to use them for time and labor-intensive analyses. However, their capability to handle highly specialized and open-ended tasks in domains like policy studies remains in question. This paper investigates the efficiency and accuracy of LLMs in specialized tasks through a structured user study focusing on Human-LLM partnership. The study, conducted in two stages—Topic Discovery and Topic Assignment—integrates LLMs with expert annotators to observe the impact of LLM suggestions on what is usually human-only analysis. Results indicate that LLM-generated topic lists have significant overlap with human generated topic lists, with minor hiccups in missing document-specific topics. However, LLM suggestions may significantly improve task completion speed, but at the same time introduce anchoring bias, potentially affecting the depth and nuance of the analysis, raising a critical question about the trade-off between increased efficiency and the risk of biased analysis.