Some months ago, I sat in a monthly CEO round table discussion regarding artificial intelligence (AI) and how it does and may, in the future, impact each of our businesses. One of the CEO’s astutely said he imagines in the not so distant future he won’t be needing me for much. He thinks he will be able to get all of his business deals done through Siri, Google or Alexa. After we all chuckled for a minute, I thought about whether that is true. If not, why not? If so, what do we need to do to differentiate ourselves from AI lawyers and law firms.
In considering the options, I came to the conclusion that he is partially right, and at the same time, very wrong.
He is right because so much information is available on the internet and finding forms that look pretty good or on point is not too hard today. With AI, finding the right form and information should be even easier. On the very wrong side of the equation, there is actually some art to what we do. Some of the clients who need us the most have tried to save money by drafting for themselves only to find themselves in a messy situation. Often, the drafts are inconsistent, lack key provisions, have language that is hard to interpret and create unintended consequences. Form agreements do not reflect orally agreed terms.
AI will get better.
With AI, it’s conceivable that some of the problems described above will dissipate. I still believe, the best business lawyers will continue to distinguish themselves from other lawyers with practical counsel based on experience.
AI will not compete with great legal minds.
When we hire young lawyers, I look for great minds with personalities that can communicate. Law school does not teach you to perform the tasks of a lawyer, but rather how to think like a lawyer. How to assess risk and pursue results. As business lawyers, we need to do even more. By learning from our clients about their business, we anticipate the future of business dealings and changes to law. Then, we design business structures that can grow with the business itself. So for our business clients, AI will need to be more than a system that pumps out forms to effectively compete with us.
Practical business advice will be difficult to convey.
We look at each client situation both from the practical business situation as well as the legal and risk management side. Our clients are small to mid-size businesses that are accelerating. We respond quickly, effectively and with an eye on the budget. We offer practical advice that is supported by quality legal work. Often, our clients’ businesses will need cash infusions or loans. We endeavor to ensure the business is being run and documented in a way that enables investors to invest without adding undue burden to the business owner. We need to be good at business – not just good lawyers.
Culling the information is an art.
As good as AI may be, the quantity of information will be daunting. Clients will be challenged to discern the practical solution. Culling forms and knowing what various types of investors need, what the IRS requires and balancing have to have, with nice to have, with not really needed, is an art form. It is learned from the number of deals we have done and from the experience of listening to the voice and tone of the client and other parties. The work changes with outside factors as emotions and desires of all of the parties fluctuate.
So at least until proven otherwise, I would be willing to put up my team and experience at the Walk Law Firm, PA up against the advice of Siri, Google and Alexa as practical business lawyers for small to midsize and accelerating businesses. We may create less forms in the future, but I am confident we will still be needed for our practical business and legal counsel.