Quote:
Originally Posted by Unregistered
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).
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Another annoying post. Obviously I know that. Hence I said LO. Legal opinions for avoidance of doubt. Why do issuer, lender, etc want the firm’s LO? Liability.
Everyone knows that.
But if larger firms invests in AI, and can cut down on the no of lawyers required, they can still produce the same LOs at much lower costs. Most of the work would be done in house anyway. They just need someone to sign off on those deals.