Thank you to everyone who attended our event last night! For those who may have missed it, Chris Harvey shared some of his key takeaways.
Last night, I attended The Future of Legal Tech panel for LA Tech Week, hosted by Cooley LLP featuring Dori Yona, Rex Salisbury & Nick Hobson. Some key takeaways: ? Venture capital firms have poured $??.?? ?????????????? ???? ?????? ?????????? ???????? ?????????? ???? ???????? ??????????—nearly matching 2021's total of $2.6 billion. So, what's driving this AI-led investment surge? The panel broadly gave two perspectives: 1?? AI as Efficiency Booster ? AI will eat into labor-intensive tasks ? Makes knowledgeable lawyers more efficient ? Could increase demand (Jevon's Paradox) 2?? AI as Industry Disruptor ? "???? ?????????????? ???????? ????????," as Rex noted, AI could fundamentally change law ? Has the potential to replace traditional roles with AI-enabled tech Most forward-thinking attorneys lean towards #1, while VCs are investing heavily in the legal tech industry as a bet on #2—where technology might replace traditional legal roles altogether. ?? Which camp are you in? Both perspectives can be valid and true—but nuances matter when dealing with the superlinear. Separately, José Ancer shared thoughts on this issue recently (which I will link to in the comments): ? "??????????????: New LLMs will disrupt the legal industry, paving the way for entirely new organizational structures taking enormous amounts of business from the old guard." ? "????????: At the bottom end of the market, new legal AI will incrementally allow existing automation providers to move up-market, perhaps from the 40th percentile to something like the 50th or 60th, but nowhere near the elite firms that are most-often talked about... Elite firms will likely be smaller and more profitable, but still very much headed by elite legal mandarins wielding more powerful productivity tech." ?? Future Predictions: ? AI may help existing automation providers move upmarket ? Elite law firms and niche practices likely to adopt AI and/or excel at their practices despite adverse market impacts on the broader legal industry ? Companies will start to poach lawyers in-house, equipping them with AI tools and converting their labor into capital Thanks to the panelists and host for an engaging and insightful discussion.