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  #12241 (permalink)  
Old 12-06-2021, 09:10 PM
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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).
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.

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  #12242 (permalink)  
Old 12-06-2021, 10:13 PM
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Ok, I will tell my kids to do either creative arts or become an Insurance Agent then.
How about become a politician as suggested by OP? Good pay and absolute power if it tickles your fancy.

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  #12243 (permalink)  
Old 12-06-2021, 10:15 PM
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Ok, I will tell my kids to do either creative arts or become an Insurance Agent then.
Not everyone is good at selling or that creative to make it big as either though.

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  #12244 (permalink)  
Old 13-06-2021, 10:00 AM
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Not everyone is good at selling or that creative to make it big as either though.
So what is your ultimate suggestion, really?
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  #12245 (permalink)  
Old 13-06-2021, 10:34 AM
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So what is your ultimate suggestion, really?
Be prepared to accept most jobs are getting competitive and you are easily replaceable. Just accept being mediocre and stop lying to yourself and accept your place.
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  #12246 (permalink)  
Old 13-06-2021, 12:51 PM
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Be prepared to accept most jobs are getting competitive and you are easily replaceable. Just accept being mediocre and stop lying to yourself and accept your place.
Being a politician is not easily replaceable, nor is it that competitive (think piss poor opposition). A regular Chinatown liti lawyer could be able to navigate the local political scene easily and make it a profitable venture. Much better than going to be some financial adviser.
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  #12247 (permalink)  
Old 13-06-2021, 01:53 PM
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Another idiot who doesn't know what AI and all these other new technologies can and cannot do... If I see another article from some gungho B4 associate writing about the "range of exciting legal use cases for Blockchain" who thinks he's cutting edge I'm actually gonna puke

Well maybe not now but the newbie lawyers 5- 10 years from now should be very worried. The lawyers in the industry now are pretty safe for the most part.

With how penny pinching the Big 4s are I imagine they would be more than happy to stop having new associates if it means A/I can replace them. Let natural attrition do its job and they don't even have to go ahead and retrench people.
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  #12248 (permalink)  
Old 13-06-2021, 04:18 PM
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Well maybe not now but the newbie lawyers 5- 10 years from now should be very worried. The lawyers in the industry now are pretty safe for the most part.

With how penny pinching the Big 4s are I imagine they would be more than happy to stop having new associates if it means A/I can replace them. Let natural attrition do its job and they don't even have to go ahead and retrench people.
Whatever can happen in 5-10 years time will also affect other industries.
So I’ll not be too worried. Most industries will suffer similar problems with the rise of AI, autonomous vehicles, and intelligent automation.

What I’m more worried is with the current juniors - those with anything from 0pqe to 7pqe.
Unless you’re a BD king which most 0-7pqe are not, what we are doing are “production worker” kind of job. We turn the files, get the file moving, etc. those are really at risk of being automated.
So what should you do? I guess be very prudent and save if you’re able to earn your $3.5-7k salary now. Save every penny. Be as prudent as possible.
If indeed as the OP said there will be structural unemployment, at least you would have enough savings.


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  #12249 (permalink)  
Old 14-06-2021, 10:54 AM
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6 months into its incorporation, Clarence Lun is still posting job ads on Lawsocietycareers stating that his firm wants to "be listed on legal 500 and chambers and partners in the first year of incorporation". Anyone knows how's progress on that? Has Fervent submitted its application ?
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  #12250 (permalink)  
Old 14-06-2021, 11:25 AM
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6 months into its incorporation, Clarence Lun is still posting job ads on Lawsocietycareers stating that his firm wants to "be listed on legal 500 and chambers and partners in the first year of incorporation". Anyone knows how's progress on that? Has Fervent submitted its application ?
What's with the hate? They rejected you ah?


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