What Happens to Lawyers When AI Gets This Good?

Artificial intelligence is already changing the practice of law. The question is no longer whether lawyers will use AI, but what happens to the legal profession when they do.Stephen Lofchie, one of the country’s leading financial-services regulatory lawyers, and Ty Greenberg of Caffrey.ai join me to explore how AI is changing legal research, the economics of legal services, and where lawyers will continue to create value as intelligence becomes cheaper and more abundant.We discuss why law is particularly susceptible to AI, whether greater productivity will reduce the number of lawyers or expand demand for legal services, why judgment and trust may become more valuable, and what young lawyers need to do to remain competitive.We also discuss the creation of Caffrey.ai, an AI platform for legal and regulatory professionals, and how AI could eventually help businesses and regulators navigate increasingly complex rules across multiple jurisdictions.Finally, Stephen and Ty offer their view of what the legal profession may look like a decade from now—and why the changes happening in law may provide an early glimpse of what AI will mean for other knowledge professions.——————————————————————————————————Interested in Bitcoin treasury companies? Many of the executives and investors shaping this industry will be at the Bitcoin Treasuries Conference in New York on September 28. Use code BOBD10 for 10% off your registration at https://bitcointreasuries.net/confere... ——————————————————————————————————Subscribe to The Exploring Prosperity Podcast for more conversations exploring economics, technology, investing, and the forces shaping the future.Thank you very much to our sponsors:Foundation: Protect your Bitcoin using the latest off-line technology with easy-to-use Passport. Their next product, Passport Prime will protect all passwords off-line with even-better technology. https://foundation.xyz/River Financial: If not cold storage for your Bitcoin, I’d highly recommend River for buying and holding- River is engineered to protect your Bitcoin over the long run. Use this link for discounts: https://river.com/signup?r=T7GGAF7GChapters:00:00 AI is a tidal wave00:17 Why law is especially vulnerable to AI01:29 What legal work is already changing04:58 Does AI make lawyers faster—or better?07:49 Where will lawyers still create value?10:21 When intelligence is abundant, what becomes valuable?13:08 Will cheaper legal services create more demand?16:28 Will we need fewer lawyers?20:18 What lawyers should be doing about AI now25:32 How Caffrey was created29:15 What Caffrey is trying to solve31:34 Using AI to navigate regulatory complexity38:13 How regulators can use AI39:42 The economics of specialized AI42:23 Can AI make compliance a business advantage?45:34 How customers are adopting legal AI46:49 What will the legal profession look like in 10 years?51:12 Why AI will reward active learners52:36 Where to learn more about Caffrey This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit robertdewey3.substack.com/subscribe