What AI Is Already Doing to the Legal Industry

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Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Weisenthal. And

I'm Tracy Alloway. Tracy,

I was at a, my cousin's wedding this weekend and I have a lot of, lawyers in my family. And every time I know that. Yeah. Yeah. My extended family, a lot of lawyers in there. And I'm always asking them, like, what they do and stuff. Within, like, five seconds of any conversation, I'm like, tell me about trials and, like, techniques to, like, sway the jury and etcetera. The stuff I see on TV. I am aware, though, that that is actually not that big of a part of many lawyers, like, day to day. Mhmm.

Well, I have a lawyer in my family too, an ex lawyer, my husband, who did big law, big corporate law, absolutely hated it and got out of it, luckily. And so I have a feeling in this particular episode, I'm just gonna ask a lot of work life balance questions based on my own experience, my husband's experience. Yeah. But it is a huge industry, and it's one of those industries that I think all financial journalism actually doesn't do a good job Sure. Of covering along with accounting. So we should talk about it.

We definitely should talk about it. We should talk about it way more than, we do. Within the AI conversation specifically, you hear a lot about the prospects of this being either, like, a force multiplier or a labor reducer. Because my understanding is that a lot of, like, especially, like, junior lawyers, they're up all night. What are they, like, looking for misplaced commas? Because those could be a big deal in contracts. Right? And so in theory and, again, Tracy, I'm sure you know way more about this than I do. But in theory, that sort of seems like something AI might be good at. Like, oh,

There's a famous case involving a comma that did exactly that. So many points to make here. First of all, I am vastly in favor of anything that makes corporate lawyers' lives, slightly more efficient and happier, so AI could be useful here. But I also wonder you know, the lawyer profession, they have things like templates and standard forms and stuff like that. So I also wonder how much of an improvement AI will be here. So I'm excited to talk about it.