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Originally Posted by Unregistered
Alright I am at the forefront of law and technology, and when we talk AI platforms we are not talking about those adopted by the big 4 currently but by the white shoe and magic circle.
I’m not the original OP. But let me tell you if you have not been in the legal teams of American banks like JPM and GS, you are way behind your time…
A lot of the works are done in house today. Less work are being farm to the law firms, except for LOs. And LOs in the law firm can actually be done by a bot, things like contract express etc. yes programming needs to be done once, and that the partner can do and fine tune with a paralegal. Why I’m wasting time to explain this instead of writing my journals is simply because I’m trying to pay it forward. I’ve been shown quite a lot of kindness by my giants in the field.
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I'm pretty sure you've not been in the banking industry as an in-house lawyer. While it is true that alot of contract/corporate work is done in-house, it is usually in tandem with (or the draft version is farmed out to ) Corporate lawyers to double-check. Firstly, the legal fees pale in comparison to the costs of any issues with the document. Secondly, almost every in-house would rather have someone else's ass on the line (i.e. the external firm) instead of approving large-scale contracts/corporate documents without an external lawyer.
So yes, while the contract draft may be inhouse/AI, the work that actually gets passed to the law firm isn't really paralegal-side work (which would more likely die from AI than PQE-ed lawyers).