Episode 135: Legal Tech Update

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Welcome back to A Record of My
Father.

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Today we're going to be talking
about legal tech.

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A little update on what's going
on in the legal tech world.

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So what's what's going on?
What's going on in the legal

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tech world?
Well, we saw 17117 billion walk

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away day before yesterday.
I think another bunch of billion

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walked away again today.
It's it's, it's attributed to

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Anthropopic.
I can't, I can't pronounce the

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name.
Launched a new product called

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Claude and that's, that's come
into the industry and it's, and

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it's made people look at how
simple it is to duplicate a lot

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of the work that attorneys would
do for you.

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And, and, and I and I had like
always been thinking and of the

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mind that accuracy is always an
issue.

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And I would tell you that
there's a lot of parallels and

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what's happening right now with
what was happening in the early

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90s.
When I remember, we had online

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sources, Lexus was online,
Westlaw was online, Kluwer had

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online and CDs stuff.
So they had this stuff that you

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would put and use.
But, but then the Internet came

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along and then they migrated.
And what did the companies do?

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They, they, they merged with
huge information sources that

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they would do.
And I see it now.

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I see the same kind of stuff and
the and the, and the big

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companies that are in very
industry specific areas, they

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went away.
They like disclosure was the

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biggest, you know, £800 gorilla
in the industry.

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That was that we served and they
got bought.

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They got bought by Primark and
then they later got bought by

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Thomson and then they got bought
by Thomson Reuters.

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They merged.
So it's been this thing moving

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forward.
And when I was when we were just

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starting to go online, there
were 23 services in the SEC

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public reference room, all that
pulled and copied documents and

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sent and inside of five years,
there were five and we were one

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of them standing.
We killed them all and we or we

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helped kill them.
There's a lot, but it was just

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amazing and a lot of the new.
And I see that like now and I,

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and I see that this is probably,
this is like the first gunshot

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to see cause a lot of people ask
me about it.

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And I started looking at it.
I was like, you know, I started

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thinking about just the
ramifications of the things you

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can do, you know?
Well, I think the occupation's

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gonna go away, the occupation of
being a lawyer, because if you

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think about it, other than a
litigator, A litigator will

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eventually go away.
But I think the first 'cause I

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think about the contracts that
I've generated for my business

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and I went through a warrior to
be in the beginning and then

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got.
Burned.

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Pretty bad, got burned pretty
bad.

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And then I was like, well, why
don't I just generate these

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contracts?
And then I have a friend who's a

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notary, so I'll just pay them to
notarize the document and it's

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like $20.
And then it's like, well, then I

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have a legal document.
So I don't really you don't, I

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don't know unless you're doing
the acquisition, I think that I

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can't really see why I would
generate contracts for 1099

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workers through a lawyer ever
again.

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If you're doing, I was going to
say if you're doing contracts

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for about big risk items, then
then you would want, you would

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want something else in there.
If you were doing a contract for

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a $500 million movie and this
person was the lead actor, you,

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you would you, you would want
more, more pay to it.

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But you can actually copy one
online off a lot of public

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systems that have already been
written, so you know.

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That's what I was using.
I said make me a document for a

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sound mixer, make me a document
for director of photography.

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Change it so that the foreign
insurance in Mongolia is

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applicable to emergency
situations.

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Change it so that it is only for
the period of the shoot.

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Change it so the contract is
only 30 days.

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Change the and then it was and
then it was done.

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Oh my gosh, yeah.
That's all you have to do.

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It was free.
It was free.

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I saved myself $6000.
It was your.

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Time and it was you following
through the steps.

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Did you, before you ask those
questions, did you go, what are

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the steps I need to do to have
this contract?

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No, I just said generate a
contract, but see.

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You knew that.
You knew what all the key points

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were that you wanted to argue.
You know, I mean, a lot of times

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you get into things like
jurisdiction and all these other

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silly things about if something
goes wrong, this is where you

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litigate it.
And, and, and I understand that

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there are certain laws in
certain states that are

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favorable to other people.
But you know, I guess that what

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you're doing 99%, I would
probably say 99.99% of what

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you're doing with your low value
contracts have low value risk

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and it's not worth thousands of
dollars.

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It's like I look at, I look at
what the way that our, my legal

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spend has gone from when I
started at, you know, when we

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started a company, global
securities Information and we

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had to pay somebody incorporate
us.

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We didn't use a lawyer.
We copied documents when we

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copied SEC articles and bylaws
and use them because we knew

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copying is what attorneys did.
And so, and that was when it was

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paper based and and there was a
service that would take what you

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had and file it and see if it
was a OK and all this.

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And anyway, as time went on
there, like, I mean, we went

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through all the majors.
We used, I don't think we ever

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used a minor law firm, but we
used Wilmer.

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I think for a little bit we used
who else?

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I was on the other side of the
deal with, with Cravath.

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I was on another side of a deal
with Halen door.

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We use Brobeck, Pfleger, Halen
Door, which are bankrupt now.

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They actually did our option
plan and it was an off the shelf

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option plan which you could do
today and I remember it cost the

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six grand and you could do it
today and it essentially the

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same thing.
The laws change and, and it and

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people tell you it's dangerous
and you're and I guess it's,

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it's, I don't think it's the
same.

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I don't see it being the same as
if you're reading a medical

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like, you know, you're pumping
all your, your, your symptoms

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and then this spits out that you
have this, this, this and this

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and without further testing you
wouldn't know.

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Yeah, web MD was really bad.
I think still is for

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hypochondriacs especially.
It's a generalist tool, whereas

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you can get incredibly specific
with language because it's

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limited.
There's no, you know, when you

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think about language, there's,
there's a limited base of

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information that everybody's
working from.

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Whereas in medicine you could
have there, there's, there's a,

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there's 50 things or 100 things
you could have, but there's a,

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there's a million things you,
you might be close to being

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happy because you got the
sniffles, You know, I mean,

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it's, it's.
It's.

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Quite different.
It's quite different.

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It it, it is quite different.
So it's like I look for like the

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downside of using it for
inexperienced stuff.

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And I was, I mean, I was even
talking about speeding tickets,

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You know, Can you imagine the
next time you get a speeding

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ticket instead of going and
hiring a lawyer or you get a

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DWI, whatever you get, go on to
to perplexity ChatGPT Claude and

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say, I'm in this county court,
I'm going to this thing.

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I was doing this, I was charged
with this.

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What are the outcomes of this
case?

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Typically?
What should I do to mitigate it?

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And they'll tell you, speak to
the prosecutor, talk to this

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person, take this class, do
this, do this, do this.

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And so that would remove you
from paying 5 grand to a lawyer.

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I mean, so, and, and so I, I
just think about that.

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I'm going like, because a lot of
what they do is just, they make

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a deal or they promise a deal
that doesn't ever materialize

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and then they settle for half of
what they originally said.

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So, you know, it's that kind of
stuff, you know there.

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'D also be no personal kind of
vendetta against their own

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client, which is something that
I have experienced where I don't

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really trust any lawyer ever
now.

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I don't know, it seems.
I love lawyers.

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I don't know, It seems like
they, well, always want to screw

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you.
I mean, yeah, that's pretty much

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how I've gotten I, I.
Mean.

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I think that they're probably
the same as doctors, Dennis,

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everybody else that you're a
revenue stream and they're

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driven to drive revenue.
There's behind it.

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There's a system of ethics that
they're supposed to follow to

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drive the revenue.
But some, some stay well within

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the ethical law because there's
a Canon of ethics, their legal

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ethics.
Some are like, I, I want to, I

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don't want to be in the I don't
want to be even close to the

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line.
I want to be in the middle.

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Some people want to be a little
the upper end, some people want

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to be right up against it.
Some people going to go, you

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know, if we step on the other
side, what will happen?

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You know, it's like what happens
if you give me a court of order

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and I don't do it?
What happens if I get subpoenaed

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and I don't show up?
What what are the things?

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Well, it could be this, it could
be this, but many times this is

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what's happened.
So now that you have an, an

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agent that can tell you
basically a lot of what the

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outcomes could be, it it, it
changes a lot of things or, and

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it takes all the information
that's out there to tell you

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what the outcomes can be.
And certainly there are other

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outcomes that could happen.
But it really it I really, I

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really think it changes, not it
a little bit of the rule of law,

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but I think it also changes like
what's going to happen in the

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industry.
I see like the big four or Big

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5, whatever you want to call
them from Thomson Reuters

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Relics, which is Lexus, Thomson
Reuters, Westlaw at Bloomberg

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Law, Sage, Pearson, Walters,
Kluer, those huge publishing

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information places.
I see them getting bought by the

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gorillas.
I see that.

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I see the gorillas that are
growing are going to come and

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say, I want your information and
they're going to buy it.

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And people are going to say
they're not keeping up because

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if they don't own the AI that
they're actually using to search

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on their machine, eventually
that company that's licensing

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them, the AI is going to eat
them.

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They're going to raise the price
up enough so they can't make

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money and they're going to make
them go away.

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I mean, it's the same thing.
Sears did this with Stanley.

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You know, you just you, how many
hammers can you produce?

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1,000,000 I want 3,000,000
build, build the stuff to make

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them did it.
They did it 3 or 4 five years in

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a row or 10 or whatever.
It was a bunch of years in a row

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and they came in and said, we
want to buy in.

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Here's the price we're willing
to pay.

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And Stanley was like, go to,
well, we're not going to do

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that.
They said, OK, we don't want any

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hammers from you anymore.
And they built up 10X.

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And so if you think about it now
they, they have information

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houses.
I think that the way that they

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will survive is they're talking
about partnerships now.

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But no, they're going to be, and
I think it's going to happen in

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five years.
I think you're going to see, and

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it's going to be big mergers.
It's going to be, you know, $25

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billion mergers are going to
happen in the legal tech

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community.
I think the big guys are going

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to be eaten by technology
companies because technology is

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going to say this is a vast
source of information that is

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used the world over.
They have the biggest

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collection.
I can own it and then I cannot

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share it.
I can make people pay by the

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drink and I'll make them drink a
lot of it.

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And I think that that's like,
and it's not like it's not

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rocket science.
It, this is the way industries

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work when they completely
change.

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And this is, it reminds me of
what happened.

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And you know, when the Internet
came around you, you look at

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look at they, we used to have
travel agents.

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So we went to an office and they
would show us brochures of where

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you're going to go and say, Hey,
you're going to see a Hilton.

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00:12:49,720 --> 00:12:51,360
And it looks like, and they show
you a picture.

224
00:12:52,000 --> 00:12:54,400
And now you can actually go to
the room and walk around in the

225
00:12:54,400 --> 00:12:57,040
room and you don't need that
person or that company.

226
00:12:57,240 --> 00:13:03,160
And they used to get a piece of
what you did a good piece and

227
00:13:03,160 --> 00:13:05,480
the airline's got a piece and
they got a piece and everybody

228
00:13:05,480 --> 00:13:07,520
got a piece.
And that's died.

229
00:13:07,520 --> 00:13:10,680
It's gone, you know, and when
you think about all the things

230
00:13:10,680 --> 00:13:14,280
that changed that if you do,
it's, it's going to be adopt or

231
00:13:14,280 --> 00:13:16,560
die.
And I think that seeing this

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00:13:16,560 --> 00:13:21,360
kind of A, and, and that that
was a financial impact on the

233
00:13:21,360 --> 00:13:24,920
day before yesterday and today,
I think you're going to start to

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00:13:24,920 --> 00:13:28,720
see more and more people.
If I was the CEO of one of these

235
00:13:28,720 --> 00:13:34,520
companies, one of the big guys,
I would be looking to own AI.

236
00:13:34,920 --> 00:13:39,840
They are trying to build it and
they're trying to, they're

237
00:13:39,840 --> 00:13:43,480
trying to build something by
spending 500 or a billion.

238
00:13:44,080 --> 00:13:47,280
When the guy that they're
competing with is spending 50

239
00:13:47,280 --> 00:13:50,120
billion.
Who do you think's going to win?

240
00:13:52,080 --> 00:13:54,920
I mean, think that through
because if you were competing

241
00:13:54,920 --> 00:14:01,000
with me and I had $10 million to
build my sports car and you had

242
00:14:01,000 --> 00:14:06,560
500 bucks, who you think's going
to win?

243
00:14:06,680 --> 00:14:08,720
Yeah, we're going to look at the
monopolization of a lot of

244
00:14:08,720 --> 00:14:10,800
industry, I think.
It's going to, it's going to get

245
00:14:10,800 --> 00:14:13,800
sucked up and it's going to get
sucked into AI and it's going to

246
00:14:13,800 --> 00:14:18,800
be a division within it.
And legal tech is going to be a

247
00:14:18,800 --> 00:14:22,080
subset.
And I, I, I say five years Max.

248
00:14:22,480 --> 00:14:24,600
And that's why it's kind of
like, because to me, it's sort

249
00:14:24,600 --> 00:14:26,760
of like there's a point that was
crossed.

250
00:14:26,760 --> 00:14:31,080
Once you see, you know, 10% of a
company's revenue that, you

251
00:14:31,080 --> 00:14:39,360
know, you saw relics, Westlaw,
cluer and Sage.

252
00:14:39,400 --> 00:14:42,960
I think it's, I don't know if
I'm pronouncing Pearson their,

253
00:14:43,160 --> 00:14:50,840
their market cap turned back
five years in one day, five

254
00:14:50,840 --> 00:14:55,040
years, five years of growth one
day really.

255
00:14:56,040 --> 00:15:00,000
You know, I mean, it's crazy.
It's just, it was, it was crazy,

256
00:15:00,040 --> 00:15:03,320
you know, and you're like, wow,
that's that, that's what kind of

257
00:15:03,320 --> 00:15:05,880
shook me.
And then I immediately thought

258
00:15:05,880 --> 00:15:09,080
about, I have a lot of friends
in the legal industry do a lot

259
00:15:09,080 --> 00:15:15,120
of things that do service jobs.
Now, if you do a service job, if

260
00:15:15,120 --> 00:15:20,840
you do things like capture
invoicing for attorneys or

261
00:15:20,840 --> 00:15:23,680
billable hours, and then you put
into the systems to make it

262
00:15:23,680 --> 00:15:26,760
work, I'm going to bet that's
going to be gone.

263
00:15:26,920 --> 00:15:30,280
It's going to be a program and
you're going to see it.

264
00:15:30,480 --> 00:15:33,000
You're going to see it
assimilate over time.

265
00:15:33,000 --> 00:15:36,080
Speaking of billable systems, Oh
my gosh, the systems that I've

266
00:15:36,080 --> 00:15:40,400
seen that I've paid invoices on
for lawyers are like archaic.

267
00:15:40,480 --> 00:15:42,840
It's crazy.
I I like when I was looking at

268
00:15:42,840 --> 00:15:46,360
the one that it was one of the
top law firms that I used, I was

269
00:15:46,360 --> 00:15:49,160
like, this is the worst system
I've ever seen.

270
00:15:49,280 --> 00:15:52,320
Yeah, in my life.
It looks like it's from 2002 and

271
00:15:52,320 --> 00:15:56,240
it looks like I'm applying to or
I'm getting or getting.

272
00:15:56,240 --> 00:15:57,960
Yeah, yeah.
Basically applying to Community

273
00:15:57,960 --> 00:16:00,080
College classes.
It looks like a Community

274
00:16:00,080 --> 00:16:01,960
College course calendar.
It was.

275
00:16:01,960 --> 00:16:04,880
Surprising.
For an interface, yeah, it's

276
00:16:04,880 --> 00:16:06,480
crazy.
I did not understand that.

277
00:16:06,520 --> 00:16:09,440
Well, what happens is what
happens is, is they grab the

278
00:16:09,440 --> 00:16:15,080
latest technology, say in 2010
and it's a it's a brand new

279
00:16:15,080 --> 00:16:17,480
billing system.
And they, and these guys are,

280
00:16:17,680 --> 00:16:19,480
they're the cheapest guy on the
block and they roll out this

281
00:16:19,480 --> 00:16:22,720
new, all these new features and
benefits and all those kind of

282
00:16:22,720 --> 00:16:24,800
stuff like that.
They grow really fast in the

283
00:16:24,800 --> 00:16:26,600
industry.
They get on a bunch of lawyers

284
00:16:26,600 --> 00:16:30,040
desktops.
They, they, they're selling,

285
00:16:30,040 --> 00:16:33,280
they, they allow the people that
buy the systems to save a bunch

286
00:16:33,280 --> 00:16:34,880
of money off of what they're
currently doing.

287
00:16:34,880 --> 00:16:38,200
So those people get raises
because it's a better system,

288
00:16:38,320 --> 00:16:42,040
because it's new technology.
It's like a computer today is,

289
00:16:42,480 --> 00:16:45,440
you know, what, three times what
a computer was four years ago.

290
00:16:46,320 --> 00:16:55,200
So I mean, things are growing
rapidly and that that transfers

291
00:16:55,640 --> 00:16:59,920
that, that, that, that when they
keep that system, you got people

292
00:16:59,920 --> 00:17:01,960
that are paying for it.
They don't want to buy a new one

293
00:17:01,960 --> 00:17:04,240
five years from now because
they're going to have to start

294
00:17:04,240 --> 00:17:07,400
over and they're going to have
to pay that huge upfront nut no

295
00:17:07,400 --> 00:17:09,119
one's going on.
You can do it for $9 a month,

296
00:17:09,400 --> 00:17:12,599
you know, or if they do, I mean,
I'm, I'm, it's interesting if

297
00:17:12,599 --> 00:17:15,680
people are going to come up with
a pay as you go model for, you

298
00:17:15,680 --> 00:17:19,040
know, log on attach and go.
I mean, I'm thinking right now,

299
00:17:20,280 --> 00:17:24,240
I can see there's a lot of
people out there that do tax.

300
00:17:24,319 --> 00:17:26,920
There's a huge people who do tax
counting, right?

301
00:17:28,520 --> 00:17:32,760
Right now I load up all my
documents to tax caddy

302
00:17:33,880 --> 00:17:36,360
everything.
It's online and I trust them

303
00:17:36,360 --> 00:17:40,440
because they're nine ways from
Sunday protected and then my

304
00:17:40,440 --> 00:17:43,680
accountant goes in and figures
out my taxes by doing that.

305
00:17:44,840 --> 00:17:53,760
I don't understand why a machine
could not go in and grab all of

306
00:17:53,760 --> 00:17:59,720
those components, those numbers
from those documents and my W

307
00:17:59,720 --> 00:18:04,480
twos and my 1090 nines and all
those things and do my taxes in

308
00:18:04,480 --> 00:18:08,000
a second.
You just explained TurboTax, but

309
00:18:08,160 --> 00:18:10,000
that's.
That's TurboTax for like 10.

310
00:18:10,360 --> 00:18:12,320
See, that's the cheap end of the
product.

311
00:18:12,480 --> 00:18:15,480
I'm talking about people like me
that pay 510 grand a year or

312
00:18:15,480 --> 00:18:18,400
people who pay 100 grand or a
million.

313
00:18:19,240 --> 00:18:23,080
I mean, I remember, you know,
589 years ago, 10 years ago,

314
00:18:23,760 --> 00:18:28,440
Thomson Reuters had a, had a
system that you as a company

315
00:18:28,440 --> 00:18:32,320
like General Motors, if you want
to minimize your tax exposure,

316
00:18:33,120 --> 00:18:36,200
the best way to do it was to
have facilities in this

317
00:18:36,200 --> 00:18:41,520
collection of countries.
Because if you built your, your

318
00:18:42,400 --> 00:18:46,760
engine in these four countries,
you would pay the lowest tax

319
00:18:46,760 --> 00:18:48,440
rate.
And they would say just if

320
00:18:48,440 --> 00:18:50,760
everything else was equal.
And then the, and then they

321
00:18:50,760 --> 00:18:53,600
would throw in all the things
it's like, what is the economic

322
00:18:53,600 --> 00:18:57,400
size of like the middle wage?
What is the, what would it cost

323
00:18:57,600 --> 00:18:59,720
for the factory and all this
kind of kind of stuff like that.

324
00:18:59,720 --> 00:19:05,400
So you could figure out then how
to do that, But Can you imagine

325
00:19:05,840 --> 00:19:09,520
if I could just scan in my
stuff, it would OCR it will pull

326
00:19:09,520 --> 00:19:12,600
up the numbers, spit out what I
owed and go from there.

327
00:19:12,600 --> 00:19:15,280
Oh my gosh, that's, that's
crazy.

328
00:19:15,280 --> 00:19:15,840
That's.
That's.

329
00:19:17,040 --> 00:19:20,320
Well, that that would, I mean,
Kluwer is the head of tax.

330
00:19:20,880 --> 00:19:23,440
You know, Thompson's a slow
second.

331
00:19:23,680 --> 00:19:25,280
Bloomberg's trying to come in
there.

332
00:19:26,920 --> 00:19:30,880
Lexus has got good tax, but not
in that realm of either one of

333
00:19:30,880 --> 00:19:34,240
those.
But I would say that, you know,

334
00:19:34,240 --> 00:19:36,480
and I think these big companies
are going to have to take a

335
00:19:36,480 --> 00:19:40,920
stake and stick it in one area
that's big and profitable for

336
00:19:40,920 --> 00:19:44,280
them.
And to really go at it with a

337
00:19:44,360 --> 00:19:48,280
either go and merge because
you're expensive.

338
00:19:48,280 --> 00:19:54,520
Now, in four years, if every
single one of these I I'm

339
00:19:54,560 --> 00:19:58,360
unaware if they've developed
their own internal artificial

340
00:19:58,360 --> 00:20:01,560
intelligence system.
I thought, well, there might be

341
00:20:02,040 --> 00:20:07,680
they, they're not using one of
the four or five that are out

342
00:20:07,680 --> 00:20:11,360
there as a back end, because if
you're using as a back end, that

343
00:20:11,360 --> 00:20:13,600
means you're paying a fee to it,
OK.

344
00:20:14,360 --> 00:20:17,480
And if you're using something
else as a back end, the back

345
00:20:17,480 --> 00:20:20,360
end's making the money and the
back end, when the back end

346
00:20:20,360 --> 00:20:24,720
wants to eat you, it will come
out like a lion and it will eat

347
00:20:24,720 --> 00:20:29,880
you like you're a rabbit.
So you better probably get eaten

348
00:20:30,040 --> 00:20:34,920
when you're maybe a Billy goat
or maybe a big fat pig, because

349
00:20:34,920 --> 00:20:38,840
then you can make more money for
your shareholders than have them

350
00:20:38,840 --> 00:20:41,960
kill you eventually because you
you got to look at that if you

351
00:20:41,960 --> 00:20:44,040
have to pay that.
And it's his ever growing

352
00:20:44,040 --> 00:20:46,800
number.
And remember the the people for

353
00:20:46,800 --> 00:20:51,200
ChatGPT perplexity, Claude
Harvey, all these different

354
00:20:51,200 --> 00:20:54,680
companies, they've been putting
billions in there to build this.

355
00:20:54,680 --> 00:20:58,600
They're going to get it back and
the way they're going to get it

356
00:20:58,600 --> 00:21:00,800
back is they're going to do what
Amazon did.

357
00:21:01,320 --> 00:21:02,680
They're going to eat everybody's
lunch.

358
00:21:03,280 --> 00:21:05,520
They're going to own it and then
they're going to raise the

359
00:21:05,520 --> 00:21:08,360
prices.
It's not it's not rocket science

360
00:21:08,360 --> 00:21:12,360
on the outside shell, you know,
is it here yet?

361
00:21:14,920 --> 00:21:17,120
It's on, it's on, it's on your
shoulder.

362
00:21:18,160 --> 00:21:19,360
It's on your shoulder right
there.

363
00:21:20,240 --> 00:21:24,280
There's, there's people that are
I, I am sure that there are

364
00:21:24,280 --> 00:21:33,640
small law firms and small people
that like you who typically in a

365
00:21:33,640 --> 00:21:37,960
startup, you would have spent
thousands of dollars, 10s of

366
00:21:37,960 --> 00:21:41,160
thousands of dollars on that
stuff that you did, you know,

367
00:21:41,560 --> 00:21:46,320
right in 20 different contracts,
but not anymore.

368
00:21:47,640 --> 00:21:50,720
And you're just one person.
And I know you're really bright

369
00:21:50,720 --> 00:21:52,000
because you went to a really
good school.

370
00:21:52,240 --> 00:21:55,240
Very, very intelligent.
But there's a lot of people out

371
00:21:55,240 --> 00:21:59,920
there that look at it that way
and go like, well, you know, and

372
00:21:59,920 --> 00:22:01,720
they're going to go with the
same old thing.

373
00:22:01,800 --> 00:22:05,280
This is good enough.
And when you start to look at

374
00:22:05,360 --> 00:22:09,560
the, the, the, the thing that I
see, I see it's like, you know,

375
00:22:09,600 --> 00:22:13,120
things are just going to shift.
The models are going to shift.

376
00:22:13,160 --> 00:22:17,920
Where's, you know, see, I think
the research is going to change

377
00:22:18,560 --> 00:22:22,560
to instead of how do we research
this topic?

378
00:22:23,200 --> 00:22:25,440
It's going to be what's the
answer?

379
00:22:25,440 --> 00:22:31,360
Because all my years in business
have been and all my years

380
00:22:31,360 --> 00:22:35,400
looking at interfaces for
searching SEC filings have been,

381
00:22:35,880 --> 00:22:38,640
you're my customer.
You need an answer.

382
00:22:38,960 --> 00:22:42,120
How do you get to the answer?
Well, you're looking for

383
00:22:42,120 --> 00:22:43,720
articles and bylaws for a
company.

384
00:22:43,720 --> 00:22:46,640
While you start searching here,
you look at this place, this

385
00:22:46,640 --> 00:22:48,280
place, this place, this place,
this place.

386
00:22:48,920 --> 00:22:51,800
Some people would try to do text
searches, but if they didn't do

387
00:22:52,080 --> 00:22:55,280
75 different variations of the
text search, they'd miss it.

388
00:22:56,840 --> 00:22:59,840
You OK, So you would have to
search through all those things.

389
00:23:00,640 --> 00:23:03,480
Now you can say where are they?
Boom.

390
00:23:03,720 --> 00:23:10,280
And they pop up right there.
And that's that's like bread and

391
00:23:10,280 --> 00:23:11,440
butter research.
It's gone.

392
00:23:11,440 --> 00:23:13,280
And it's not research.
It's giving you an answer.

393
00:23:13,520 --> 00:23:19,240
And now let's say you're looking
for only clauses in those

394
00:23:19,240 --> 00:23:21,800
documents.
They're already doing that.

395
00:23:22,600 --> 00:23:25,120
Yeah, I mean, I'm seeing that on
perplexity.

396
00:23:25,120 --> 00:23:27,360
I'm seeing that and I haven't
seen it in Claude because I

397
00:23:27,360 --> 00:23:29,720
haven't, I haven't experienced
with that.

398
00:23:29,920 --> 00:23:32,600
You've experienced with Chad JBT
where you're looking for things

399
00:23:32,600 --> 00:23:35,640
and you wanted the Mongolia
clause and it and it did.

400
00:23:36,160 --> 00:23:39,600
It's like think about that.
You got that clause or search

401
00:23:39,600 --> 00:23:41,280
for.
Weaknesses, because it can do

402
00:23:41,280 --> 00:23:45,600
that, it can look for weaknesses
in the contract, which are is

403
00:23:45,600 --> 00:23:48,800
really, really nice.
And you start looking at this

404
00:23:48,800 --> 00:23:52,400
and this to me is really I and
I, and I'm really passionate

405
00:23:52,400 --> 00:23:55,520
about the space.
And that's, and I know we, we've

406
00:23:55,520 --> 00:23:58,240
talked about individual things,
we've talked about artificial

407
00:23:58,240 --> 00:24:03,160
intelligence, but I never
really, I never really shook me

408
00:24:03,680 --> 00:24:06,840
until I looked at it and I
started to think of the people I

409
00:24:06,840 --> 00:24:10,760
know and then go, they're not
going to have a job.

410
00:24:12,000 --> 00:24:15,480
Well, that's kind of like what
I'm learning about how, you

411
00:24:15,480 --> 00:24:18,640
know, there's one guy that owns
all the sound stages in rental

412
00:24:18,640 --> 00:24:20,720
equipment for those sound
stages.

413
00:24:21,240 --> 00:24:24,200
Yeah, in LA.
And that's crazy.

414
00:24:24,200 --> 00:24:26,520
I don't know that we just let
monopolies like this happen.

415
00:24:26,920 --> 00:24:30,720
It's time and time again it's
proved that capitalism is just

416
00:24:30,720 --> 00:24:33,560
the illusion of choices.
It's crazy.

417
00:24:33,640 --> 00:24:35,440
It really is.
Well, I mean you're.

418
00:24:35,440 --> 00:24:39,480
All like, Oh well, all these
communist countries really

419
00:24:39,480 --> 00:24:42,280
upsetting, really bad.
I'm like, China built like 15

420
00:24:42,280 --> 00:24:46,600
bridges last week and then now
you have people getting their

421
00:24:46,600 --> 00:24:49,640
wages garnished in America and
dying in poverty.

422
00:24:49,920 --> 00:24:52,320
So 15 bridges are dying in
poverty.

423
00:24:52,320 --> 00:24:54,040
I don't know.
It seems like communism is a

424
00:24:54,040 --> 00:24:54,640
little.
Bit better.

425
00:24:54,640 --> 00:24:57,560
Well, that's just me there.
There's a lot of other things

426
00:24:57,560 --> 00:25:00,680
that you could put in there,
like China has a mobile

427
00:25:00,680 --> 00:25:03,480
execution vehicle.
I mean, there's.

428
00:25:03,520 --> 00:25:06,120
No, there's no.
We have resource for a lot of

429
00:25:06,120 --> 00:25:07,480
things you.
Can't you know?

430
00:25:07,480 --> 00:25:09,080
You think about.
Yeah, we have a lot.

431
00:25:09,080 --> 00:25:11,040
We we don't.
We don't have it to their level.

432
00:25:11,240 --> 00:25:13,800
Well, now we kind of have a
mobile execution squadron in the

433
00:25:13,800 --> 00:25:15,720
travel.
State we do, we do, we do have

434
00:25:15,720 --> 00:25:17,440
that.
That's that's kind of that's.

435
00:25:17,440 --> 00:25:23,240
Kind of cool, you know, we got
people instead of a van.

436
00:25:23,560 --> 00:25:26,320
I think that's a that's a little
cooler.

437
00:25:26,400 --> 00:25:28,560
I saw it, man.
So yeah, different.

438
00:25:29,120 --> 00:25:32,400
Anyway, I mean, I look at this
and I think like, where where

439
00:25:32,400 --> 00:25:34,560
else do they apply?
You know, if you do patents.

440
00:25:35,640 --> 00:25:37,000
Oh, interesting.
Think about.

441
00:25:37,400 --> 00:25:41,480
Patent law is huge, but it's
huge and it's very lucrative.

442
00:25:42,880 --> 00:25:45,440
You go over and you want to find
out if a patent has ever been

443
00:25:45,440 --> 00:25:49,160
issued before on a particular
device and they got to search

444
00:25:49,840 --> 00:25:54,400
the Patent and Trademark Office.
Can you, I mean, you, it, it's

445
00:25:54,400 --> 00:25:56,760
a, you could have the whole
thing.

446
00:25:57,240 --> 00:26:01,360
Yeah, you and, and, and you
would know, and you could

447
00:26:01,360 --> 00:26:06,240
actually challenge the examiner
to say, hey, why is it

448
00:26:06,240 --> 00:26:08,040
different?
It's going to write you a

449
00:26:08,040 --> 00:26:10,760
reason.
So you're going to, I mean, I

450
00:26:10,760 --> 00:26:16,040
can just see thing after thing
after thing, litigation,

451
00:26:16,120 --> 00:26:19,080
litigation.
I, I, I'm, I'm not because

452
00:26:19,080 --> 00:26:20,280
you're going to do the
unexpected.

453
00:26:20,760 --> 00:26:23,840
I think that's the key.
And I and I noticed in like

454
00:26:23,840 --> 00:26:26,480
product development and stuff
like that, it's like, I think

455
00:26:26,480 --> 00:26:30,400
that when you can only look at
things that have happened

456
00:26:30,400 --> 00:26:33,720
before, you won't do anything
new.

457
00:26:35,400 --> 00:26:39,240
You can build on old, but it's
but that's that's a lot more

458
00:26:39,240 --> 00:26:43,280
linear than that's why people
say think outside the box,

459
00:26:43,280 --> 00:26:46,640
because to me it's like that's
like you're not, you're not,

460
00:26:47,120 --> 00:26:49,000
you're not climbing up the walls
of the box and building another

461
00:26:49,000 --> 00:26:50,800
box and building another box on
top of box.

462
00:26:50,800 --> 00:26:55,200
You're actually building a, you
know, a star, you know, or

463
00:26:55,200 --> 00:26:58,440
you're making a baseball or, you
know, something completely

464
00:26:58,440 --> 00:27:00,880
different.
And, and, and that is the kind

465
00:27:00,880 --> 00:27:08,000
of thing that I think is not
originality is something that I,

466
00:27:08,000 --> 00:27:13,240
I, I, I can't believe it can be
copied yet, you know, because

467
00:27:13,240 --> 00:27:16,920
it's going to be, it's going to
be based upon a set of specific

468
00:27:16,920 --> 00:27:20,200
circumstances that a machine can
learn.

469
00:27:20,640 --> 00:27:24,720
They may have 10 million more
circumstances than you, but

470
00:27:24,720 --> 00:27:27,120
originality?
We'll tell you train the model.

471
00:27:27,120 --> 00:27:28,600
That's really how it is.
That's.

472
00:27:28,600 --> 00:27:31,760
What?
Well, my, my, my biggest concern

473
00:27:31,960 --> 00:27:38,120
is that if I wanted to screw
your model, I would.

474
00:27:38,600 --> 00:27:44,960
I would target ways to insert
false data into its intake.

475
00:27:45,120 --> 00:27:49,360
You know what I mean?
Because if somebody was telling

476
00:27:49,360 --> 00:27:53,840
you that this was the best and
the reasoning behind it was

477
00:27:53,840 --> 00:27:56,600
number of shares bought when
they were bought a management

478
00:27:56,600 --> 00:28:00,760
decisions and all this.
And you could put in manage the

479
00:28:01,080 --> 00:28:05,920
the 50 variables fake.
You could.

480
00:28:06,160 --> 00:28:09,960
It would learn off of that and
it would apply that to future

481
00:28:09,960 --> 00:28:14,160
instances because you got to
figure out that anybody that's

482
00:28:14,160 --> 00:28:17,400
thinking about this for good
use, there's people thinking

483
00:28:17,400 --> 00:28:19,800
about it for fraud.
Oh, definitely.

484
00:28:19,800 --> 00:28:22,240
You know which my mind goes I.
Didn't even think about.

485
00:28:22,440 --> 00:28:27,120
Well yeah, the CPT is censored
for crimes as of now.

486
00:28:27,440 --> 00:28:33,000
Well, I mean I have not tried to
say how could I beat the system,

487
00:28:33,880 --> 00:28:37,160
but I wouldn't word it that way.
I'm sure that there are ways,

488
00:28:37,160 --> 00:28:39,240
yeah.
There's sidestepping ways to

489
00:28:39,240 --> 00:28:41,280
work around it, definitely,
yeah.

490
00:28:41,960 --> 00:28:44,840
If, if I had if I was at a
blackjack table and there's five

491
00:28:44,840 --> 00:28:47,040
people sitting there and these
are the numbers and things what

492
00:28:47,040 --> 00:28:48,600
what is what, what should I
play?

493
00:28:49,000 --> 00:28:51,240
I.
Wonder how well it's going to be

494
00:28:51,240 --> 00:28:53,000
able to read that in the future.
That's a good question.

495
00:28:54,480 --> 00:28:56,760
Well, yeah, the numbers, well,
if you play statistically and

496
00:28:56,760 --> 00:28:59,040
you hear people that, oh, it's
just go in the numbers and the

497
00:28:59,040 --> 00:29:00,480
cards.
Oh, it's just a word problem or

498
00:29:00,480 --> 00:29:01,360
something like that.
Yeah, yeah.

499
00:29:01,360 --> 00:29:03,680
Well, that's what my brother was
really, really good at it

500
00:29:03,680 --> 00:29:06,320
because he's a math guy and he
could do all that crap in his

501
00:29:06,320 --> 00:29:10,520
head and he would know and he
know and he knew all the rules

502
00:29:10,880 --> 00:29:14,360
because they were all, you know,
mathematical equations.

503
00:29:15,000 --> 00:29:18,680
Because there's 52 cards or
there's 160 or whatever, I don't

504
00:29:18,680 --> 00:29:19,920
know.
There's a bunch in of whatever's

505
00:29:19,920 --> 00:29:23,080
in the shoe and how much of the
shoe has been pulled and how

506
00:29:23,080 --> 00:29:26,120
many times you've seen kings and
aces, which means that you're

507
00:29:26,120 --> 00:29:28,120
not going to, you know, how many
times you've seen face cards.

508
00:29:28,120 --> 00:29:29,560
You count the face cards when
they come through.

509
00:29:29,880 --> 00:29:33,680
You know, there's all sorts of
things that you can do to limit

510
00:29:33,680 --> 00:29:38,400
it, you know, you know, and it's
it's just crazy.

511
00:29:39,600 --> 00:29:43,480
It's just it's, I see it as
something that's going to be

512
00:29:44,520 --> 00:29:46,680
wow, you know?
A lot of people are going to be

513
00:29:46,680 --> 00:29:48,080
jobless.
It's going to be crazy.

514
00:29:48,280 --> 00:29:49,520
Well.
I think they're what I'm going

515
00:29:49,520 --> 00:29:52,520
to move too is for move because
it's going to be questioned.

516
00:29:52,560 --> 00:29:53,440
No, I'm sorry.
Go ahead.

517
00:29:53,880 --> 00:29:55,880
Four year university is going to
become useless.

518
00:29:56,280 --> 00:29:59,320
It's crazy.
Any sort of humanities degree

519
00:29:59,320 --> 00:30:01,960
that's already devalued by the
system currently is going to

520
00:30:01,960 --> 00:30:04,480
become even more devalued.
It's crazy.

521
00:30:04,880 --> 00:30:12,040
See, I think that I did not go
and take astronomy to be an

522
00:30:12,040 --> 00:30:15,480
astronomer.
I did not go and read take

523
00:30:16,680 --> 00:30:20,440
medieval history well then
English the general to become

524
00:30:20,440 --> 00:30:24,920
most.
Has now created this kind of

525
00:30:25,240 --> 00:30:30,720
resonance over society to those
that paid the $200,000 or

526
00:30:30,720 --> 00:30:36,320
whatever it is to go and and get
a degree, need a job from it

527
00:30:36,320 --> 00:30:39,640
'cause it's such an exorbitant
amount of debt compared to what

528
00:30:39,640 --> 00:30:41,960
it was in the 70s, eighties,
80s.

529
00:30:42,120 --> 00:30:44,880
Yeah, it's it.
Well, it's gone up significantly

530
00:30:44,880 --> 00:30:47,920
faster than anything.
And, and people would argue that

531
00:30:48,240 --> 00:30:56,920
part of it is that student loans
have been much larger and had

532
00:30:56,920 --> 00:31:00,880
less restraints on them and when
you get them.

533
00:31:01,080 --> 00:31:05,880
So that meant that they were
being given to people that they

534
00:31:05,880 --> 00:31:09,560
were unlikely to pay back.
And when you got people that are

535
00:31:09,560 --> 00:31:11,880
going to be unlikely to pay
back, that means that the

536
00:31:11,880 --> 00:31:15,120
interest rate has to be charged
higher to make the pool.

537
00:31:15,520 --> 00:31:20,240
And then there's also like
anybody can go to college and

538
00:31:20,240 --> 00:31:25,520
it's a big push to go to college
when in fact, if, if you're, you

539
00:31:25,520 --> 00:31:27,760
should have a purpose.
I think that I think learning

540
00:31:27,760 --> 00:31:32,200
more is in itself a good
purpose.

541
00:31:33,040 --> 00:31:34,720
I'm not disagreeing with that at
all.

542
00:31:35,000 --> 00:31:37,840
Well, there's a reason why.
But you shouldn't make, you

543
00:31:37,880 --> 00:31:40,400
shouldn't pay more than you
make, you shouldn't pay more

544
00:31:40,400 --> 00:31:43,880
than you make to learn more
unless you think it's going to

545
00:31:43,880 --> 00:31:47,600
be able to come back and help
you in the future.

546
00:31:48,040 --> 00:31:50,800
And I think that, you know.
Will you exercise everything you

547
00:31:50,800 --> 00:31:53,080
learn in college subconsciously?
Much like everything right?

548
00:31:53,080 --> 00:31:56,880
Kind of add to your life anyway
and every discussion you listen

549
00:31:56,880 --> 00:31:58,800
to.
That's why the best writers are

550
00:31:58,800 --> 00:32:03,720
the people that have worked
those entry level positions and

551
00:32:03,920 --> 00:32:06,520
have the widest breadth of
experiences.

552
00:32:06,760 --> 00:32:09,240
But at the same time, there's a
reason why I think in America

553
00:32:09,240 --> 00:32:13,480
that English majors have dropped
between like 5% of overall

554
00:32:14,360 --> 00:32:18,480
college applicants and college
graduates as well.

555
00:32:18,680 --> 00:32:21,320
So it's crazy.
Yeah, it's crazy to think that

556
00:32:21,320 --> 00:32:28,920
5% compared to 1970 around 1980
where it was I think 15 to 20%.

557
00:32:29,120 --> 00:32:31,760
Yeah, it was big.
Well, because as humanity it's

558
00:32:31,760 --> 00:32:35,080
it was like you could do that
and you could be a lawyer, you

559
00:32:35,080 --> 00:32:37,280
could do that and you could be a
writer.

560
00:32:37,280 --> 00:32:39,360
You could be, you can go in
marketing after that and

561
00:32:39,360 --> 00:32:41,640
specialize because you learned a
lot.

562
00:32:41,640 --> 00:32:45,400
You could go into sales because
you you could, you would have

563
00:32:45,400 --> 00:32:47,480
the gift of gab.
You know, there's just so many

564
00:32:47,480 --> 00:32:49,360
different things which it has.
Helped me do that.

565
00:32:49,480 --> 00:32:52,600
Yeah, you know, Well, say, think
about it, you know, I mean,

566
00:32:52,640 --> 00:32:54,640
what's his name?
John Changed your life.

567
00:32:54,680 --> 00:33:02,360
Who was the Klonopin guy?
Comedian John.

568
00:33:03,920 --> 00:33:08,960
Prine, John Prine.
John Prine, was he the one that

569
00:33:08,960 --> 00:33:11,680
did the comedy?
Mullaney.

570
00:33:12,040 --> 00:33:13,360
Mullaney.
That's what I'm thinking of.

571
00:33:13,440 --> 00:33:17,680
Yeah, 'cause he said, yeah, I
went to school, I paid $250,000

572
00:33:17,680 --> 00:33:21,200
for an English degree, and here
I am doing comedy.

573
00:33:21,200 --> 00:33:25,080
What the hell?
But he became a writer on SNL

574
00:33:25,080 --> 00:33:28,320
because he had a degree in
English.

575
00:33:29,520 --> 00:33:34,760
So he had talent, he had an
exercise and he and he and he

576
00:33:34,760 --> 00:33:37,520
made a joke about it, but you
got to look at it and say that.

577
00:33:37,880 --> 00:33:40,760
I don't think this is a such
thing as talent in stand up

578
00:33:40,760 --> 00:33:42,560
comedy.
I think that he didn't, only

579
00:33:42,720 --> 00:33:44,440
it's like acting.
It's all prep.

580
00:33:44,920 --> 00:33:47,240
He didn't have a degree in math,
OK.

581
00:33:47,440 --> 00:33:49,120
No.
Or engineering.

582
00:33:49,560 --> 00:33:52,720
You know, there's probably not a
a lot of writers out there that

583
00:33:52,720 --> 00:33:55,920
have engineering degrees or if
there are, they're technical

584
00:33:55,920 --> 00:33:59,360
writers because they approach it
in a different way.

585
00:33:59,440 --> 00:34:01,720
It's just you can see the
mindset and the way that they

586
00:34:01,720 --> 00:34:05,320
approach things and problems.
They're methodical.

587
00:34:05,320 --> 00:34:10,280
Whereas whack bags like me just,
you know, we throw out the

588
00:34:10,800 --> 00:34:13,719
handful of pennies and see what
falls on the ground and what

589
00:34:14,560 --> 00:34:16,520
falls in the trash.
Exactly.

590
00:34:16,920 --> 00:34:21,920
I couldn't agree more.
Yeah, no, it's it's going to

591
00:34:21,920 --> 00:34:23,320
change.
Things are going to change.

592
00:34:23,320 --> 00:34:24,480
I don't know.
There's going to be people that

593
00:34:24,480 --> 00:34:26,840
are going to hold on to.
They are.

594
00:34:27,320 --> 00:34:29,880
And I don't know, it's
definitely going to see, we're

595
00:34:29,880 --> 00:34:33,520
going to see change in a form of
if people realize that the

596
00:34:33,520 --> 00:34:36,320
what's going on in the world is
a top down issue and not at

597
00:34:36,320 --> 00:34:39,840
anything else other than that.
I don't know people.

598
00:34:39,840 --> 00:34:42,639
Will ever understand that, But
the more that they do, the

599
00:34:42,639 --> 00:34:45,639
closer that they get, there's
going to be a lot of violence.

600
00:34:45,679 --> 00:34:47,360
There's going to be a lot of
violence.

601
00:34:48,000 --> 00:34:49,600
It's the thing I don't
understand about AI.

602
00:34:49,679 --> 00:34:51,239
OK.
We're going to go out here and

603
00:34:51,239 --> 00:34:58,240
we're going to create a tool
that takes away checkers and

604
00:34:58,240 --> 00:35:02,960
grocery stores.
So we have them and we have 100

605
00:35:03,160 --> 00:35:07,520
grocery stores and these things
cost $25,000 a piece and they

606
00:35:07,520 --> 00:35:11,920
got $1,000,000 in maintenance.
And we're going to replace these

607
00:35:11,920 --> 00:35:13,960
people that make 14 bucks an
hour.

608
00:35:13,960 --> 00:35:15,160
We're going to get rid of eight
of them.

609
00:35:15,520 --> 00:35:17,840
There's such a fallacy.
And we got 14 machines.

610
00:35:17,840 --> 00:35:24,600
And it's like, OK, so all the
checkers in your business, their

611
00:35:24,600 --> 00:35:27,840
salary, does it add up to the
CEO?

612
00:35:28,920 --> 00:35:31,480
No, no, it.
Doesn't so wouldn't, wouldn't

613
00:35:31,520 --> 00:35:39,080
you think that the smartest AI
machine to be built would be

614
00:35:39,320 --> 00:35:42,320
Aceo Machine?
I mean, why wouldn't anybody?

615
00:35:42,720 --> 00:35:45,200
I would be working on that.
Because that why would he ever

616
00:35:45,200 --> 00:35:47,680
let that happen though?
You know, like because the CE OS

617
00:35:47,760 --> 00:35:50,200
never.
Because he who makes it owns

618
00:35:50,200 --> 00:35:52,000
everything.
That's why.

619
00:35:52,120 --> 00:35:56,800
I mean, that to me is sort of
like, you know, or I guess my

620
00:35:56,800 --> 00:36:01,240
monopoly attitude is going
through, but I dealt with a lot

621
00:36:01,240 --> 00:36:03,640
of monopolies and all the
businesses there were, they

622
00:36:03,800 --> 00:36:06,320
were, and they were, they were
crushing, you know, and we

623
00:36:06,320 --> 00:36:09,200
would, we would have our little
way and do our little thing.

624
00:36:09,200 --> 00:36:15,000
And you know, but they, they,
they could, you know, they could

625
00:36:15,000 --> 00:36:16,440
get us kicked out of the
government.

626
00:36:16,440 --> 00:36:20,000
They could take the, they could
not sell to us information that

627
00:36:20,000 --> 00:36:22,680
only they had.
They could put delays on the

628
00:36:22,680 --> 00:36:26,280
information that they had.
So our customer would have to go

629
00:36:26,280 --> 00:36:28,680
to them for certain things no
matter what.

630
00:36:29,240 --> 00:36:31,560
You know, you see this over and
over and over.

631
00:36:31,560 --> 00:36:35,160
And it's government information.
It's, it's filed by companies.

632
00:36:35,160 --> 00:36:38,200
It's, it's free and it's
publicly available.

633
00:36:38,560 --> 00:36:42,440
And they would, they would
restrict it over and over and

634
00:36:42,440 --> 00:36:43,320
over.
See it all the time.

635
00:36:44,000 --> 00:36:45,920
You know, you see it in court
cases too.

636
00:36:46,000 --> 00:36:48,960
All that information is free.
You got people suing each other

637
00:36:48,960 --> 00:36:50,920
over, shouldn't they get access
to it?

638
00:36:50,920 --> 00:36:52,760
I mean, that's why I'm an
advocate for free law.

639
00:36:53,000 --> 00:36:55,880
I think free law.com is, you
know, they are making it

640
00:36:55,880 --> 00:37:02,120
available for those that have
nothing, but I don't know if

641
00:37:02,120 --> 00:37:05,080
those that have nothing that get
in trouble are going to know

642
00:37:05,080 --> 00:37:13,280
anything about how to search or
do define answers to these kinds

643
00:37:13,280 --> 00:37:16,120
of questions.
Yeah, I don't know, maybe media

644
00:37:16,120 --> 00:37:19,720
literacy or not media literacy,
but technical literacy like that

645
00:37:19,720 --> 00:37:21,760
will expand.
It already is expanding to a

646
00:37:21,760 --> 00:37:23,160
wide wide.
How to?

647
00:37:23,160 --> 00:37:27,080
How to ask if you want an
outcome, how to, how to form the

648
00:37:27,080 --> 00:37:29,280
questions.
I mean, that would be the class,

649
00:37:29,280 --> 00:37:31,600
right?
Because you think about it, it's

650
00:37:31,600 --> 00:37:33,800
like just like you when you were
saying I was doing the contract

651
00:37:33,800 --> 00:37:35,960
and I was asking you questions,
you're like, no, no, I've looked

652
00:37:35,960 --> 00:37:37,720
for this and I look for
weaknesses and I'm like, oh, I

653
00:37:37,720 --> 00:37:39,800
didn't think about that.
That's kind of cool, you know,

654
00:37:39,800 --> 00:37:43,920
And it's like phrasing, right?
Exactly the way that you put,

655
00:37:44,040 --> 00:37:46,920
we'll see.
When we did it, we would know

656
00:37:47,280 --> 00:37:51,720
what was in the 500 page
document on page 381 and it was

657
00:37:51,720 --> 00:37:53,960
entitled representations and
warranties.

658
00:37:54,480 --> 00:37:59,320
So we would want to search after
the reps and warranties and

659
00:37:59,320 --> 00:38:06,240
before the legal dependent, you
know whatever, whatever the ace

660
00:38:06,240 --> 00:38:08,960
was, we would search in between.
And the way we would do that is

661
00:38:08,960 --> 00:38:14,840
say you know one and then within
60 of 1 and with and before 100

662
00:38:14,840 --> 00:38:18,560
of another.
So, and that was Boolean

663
00:38:18,560 --> 00:38:21,840
searching, which I think will be
gone.

664
00:38:21,840 --> 00:38:24,520
And but I'm guessing that a lot
of the I don't know how the

665
00:38:24,520 --> 00:38:29,320
algorithms are doing it and how
they're learning, unless they're

666
00:38:29,320 --> 00:38:34,880
doing searching, getting
answers, taking all the answers

667
00:38:34,880 --> 00:38:36,840
and then putting a waiting
factor on each one and then

668
00:38:36,840 --> 00:38:39,960
coming out, you know, but but
it's, it's it's interesting that

669
00:38:39,960 --> 00:38:48,160
when you do see them, the they
come out with, depending upon

670
00:38:48,160 --> 00:38:51,600
what they're searching, they
have a viewpoint.

671
00:38:52,840 --> 00:38:55,360
I mean, artificial intelligence,
when you search it, it comes out

672
00:38:55,360 --> 00:38:58,960
with a viewpoint.
And I'm not sure that maybe that

673
00:38:58,960 --> 00:39:02,360
would be the tipper.
That's I mean, that's when you

674
00:39:02,360 --> 00:39:04,440
think about it, you would want
it, you would want heavily

675
00:39:04,440 --> 00:39:10,560
regulated because otherwise, if
I own the, the any one of them,

676
00:39:11,440 --> 00:39:14,120
I'd want to be my viewpoint.
I mean, I wouldn't, but I, I

677
00:39:14,120 --> 00:39:17,560
would want it to be a as central
as possible, but as central as

678
00:39:17,560 --> 00:39:19,200
possible as it could.
Is that what you want?

679
00:39:19,680 --> 00:39:24,080
I don't know, you know, that's a
good question.

680
00:39:24,080 --> 00:39:27,640
It's it's it's an interesting
time when you think about these

681
00:39:27,640 --> 00:39:32,520
kind of things and you look and
you go like, well, so tax

682
00:39:32,840 --> 00:39:34,760
speeding ticket, I mean speeding
tickets.

683
00:39:34,760 --> 00:39:36,880
I just thought about that, you
know, and we were talking about

684
00:39:36,880 --> 00:39:44,920
that patent law real estate.
I want to see a lease.

685
00:39:45,360 --> 00:39:46,400
I need to write a lease for
this.

686
00:39:46,400 --> 00:39:47,480
Well, the lease generation
would.

687
00:39:47,480 --> 00:39:49,320
Be open.
Yeah, Yeah.

688
00:39:49,320 --> 00:39:50,920
You've been analyzing leases.
Yeah.

689
00:39:51,120 --> 00:39:52,400
Right.
How much did?

690
00:39:52,400 --> 00:39:54,840
Probably do that now.
Could you please show me all the

691
00:39:54,840 --> 00:39:59,040
all the per square footage in
this building and all the leases

692
00:39:59,040 --> 00:40:03,760
signed and when they expire?
Can you tell me how my landlord

693
00:40:03,760 --> 00:40:08,520
is going to screw me?
But you, I mean, give me, give

694
00:40:08,520 --> 00:40:17,360
me a lease that's favorable to
me as a renter or as a rentee or

695
00:40:17,360 --> 00:40:19,480
whatever you call it, a
landlord.

696
00:40:20,080 --> 00:40:24,560
Give me, I mean all these
things, you know, real estate

697
00:40:24,560 --> 00:40:27,320
law, you know, what are the,
what are the issues that come

698
00:40:27,320 --> 00:40:30,280
up?
You know, I think that, you

699
00:40:30,280 --> 00:40:33,360
know, what the big thing will be
what I can see the new area of

700
00:40:33,360 --> 00:40:40,880
law mistakes in AI.
That'll be huge that I mean that

701
00:40:40,880 --> 00:40:45,080
will be editors for AI.
That'll be a whole new boutique.

702
00:40:45,160 --> 00:40:49,400
We are the best we we got 400
million from blah, blah, blah.

703
00:40:50,000 --> 00:40:52,720
And you know, in five years, 400
million won't be anything, but

704
00:40:52,720 --> 00:40:57,960
it'll still be a lot for us.
But I'm thinking that that will

705
00:40:57,960 --> 00:41:05,000
be huge, the certainly fraud,
but also I think that the the

706
00:41:05,480 --> 00:41:10,000
mistakes and there'll be firms
that go after firms for

707
00:41:10,240 --> 00:41:16,240
representing somebody and losing
and using AI in any fashion and

708
00:41:16,240 --> 00:41:19,040
saying that they they use the
shitty version or, you know,

709
00:41:19,040 --> 00:41:22,160
something like that.
I mean, I can, I can see that

710
00:41:22,160 --> 00:41:23,960
happening.
I don't, I don't, you know, and

711
00:41:24,000 --> 00:41:27,720
probably in the next couple of
years much quicker, you know,

712
00:41:27,760 --> 00:41:29,720
that's if you look at it.
Screenwriters have become,

713
00:41:29,720 --> 00:41:32,920
they've become editors for AI
generated content and things

714
00:41:32,920 --> 00:41:34,280
like that.
It's crazy.

715
00:41:35,160 --> 00:41:38,360
Yeah, yeah.
I think I, I mean it still comes

716
00:41:38,360 --> 00:41:43,320
back to me where it's going to
be is you're going to ask a

717
00:41:43,320 --> 00:41:46,960
question and you're going to get
an answer and you're going to

718
00:41:46,960 --> 00:41:49,480
log on to something and say good
morning.

719
00:41:53,520 --> 00:41:57,320
How'd My Portfolio do today?
It's doing well.

720
00:41:59,000 --> 00:42:03,080
Are there any any suggested
changes you would make and it

721
00:42:03,080 --> 00:42:05,680
would already know my goals?
I do this, this this.

722
00:42:05,680 --> 00:42:07,160
I want to.
I got a kid in college, I got

723
00:42:07,160 --> 00:42:09,880
two, I've got 2 car payments, I
got insurance, I got all the

724
00:42:09,880 --> 00:42:12,200
stuff like this.
It would know my way what I

725
00:42:12,200 --> 00:42:14,280
make.
Because think about all this,

726
00:42:14,480 --> 00:42:17,840
the more data it has, the better
answers it's going to give.

727
00:42:17,840 --> 00:42:22,600
However, the more data it has,
the more stuff can be done to

728
00:42:22,600 --> 00:42:25,960
you if it's broken into.
They could sell that data too as

729
00:42:25,960 --> 00:42:27,280
well.
Data sales are going to go

730
00:42:27,280 --> 00:42:29,960
through the roof again.
Continue Well, that's the reason

731
00:42:29,960 --> 00:42:32,440
they're building all the data
centers is 'cause they want

732
00:42:32,560 --> 00:42:36,840
everything.
Right now my tax information is

733
00:42:36,840 --> 00:42:44,440
in six or eight places maybe and
and tax county erases 3 years

734
00:42:44,440 --> 00:42:47,320
back.
I think they erased it, yeah.

735
00:42:47,760 --> 00:42:53,760
So, so the question is, is, does
the IRS, is it online?

736
00:42:54,520 --> 00:42:56,080
Is it accessible?
It's not supposed to be

737
00:42:56,080 --> 00:42:58,680
accessible.
It's shared.

738
00:42:58,920 --> 00:43:01,400
Who has it?
Will they be able to sell it?

739
00:43:01,840 --> 00:43:05,440
You know, it's, I mean all of
that stuff.

740
00:43:05,440 --> 00:43:09,480
And the more they sell it to 50
more people, that's fifty more

741
00:43:09,480 --> 00:43:13,760
sets of it out there.
So yeah, I think we all need to

742
00:43:13,760 --> 00:43:18,440
change your name to one thing,
you know, or everybody's name is

743
00:43:18,440 --> 00:43:21,080
going to be everybody's name is
going to be one thing.

744
00:43:21,640 --> 00:43:23,680
No, exactly.
That will work.

745
00:43:23,680 --> 00:43:25,720
I think that will work really
well if we all go to one thing,

746
00:43:25,720 --> 00:43:29,280
because then we won't have to
worry about any anybody copying

747
00:43:29,280 --> 00:43:32,400
stuff or oh, you're one thing.
No, I'm one thing.

748
00:43:33,520 --> 00:43:36,960
Well, it's, it's a certain
amount of an ability to mask who

749
00:43:36,960 --> 00:43:43,320
you are.
But and another thing, I mean, I

750
00:43:43,320 --> 00:43:47,240
think that I think, I think, I
mean a plausible, there's one

751
00:43:47,240 --> 00:43:49,240
plausible outcome.
You look at they said, oh, well,

752
00:43:49,240 --> 00:43:52,760
they can coexist.
And it's like, I don't think so.

753
00:43:53,680 --> 00:43:57,800
I don't think that a natural
predatory CE OS that look at

754
00:43:57,800 --> 00:44:02,800
companies in the growth and the
opportunity to take over markets

755
00:44:03,640 --> 00:44:06,760
would in a capitalistic society
are going to let that happen.

756
00:44:07,280 --> 00:44:08,520
No way.
No way.

757
00:44:08,520 --> 00:44:11,120
They're not going to get they,
they may code just until they

758
00:44:11,120 --> 00:44:16,400
can eat them, you know, and
they're going to coexist with a

759
00:44:16,400 --> 00:44:22,280
few and some they're going to I
can see I I mean, I would say

760
00:44:23,160 --> 00:44:30,360
and five years, two of the five
that I mentioned are going to be

761
00:44:30,360 --> 00:44:32,040
wounded.
Yeah.

762
00:44:32,880 --> 00:44:35,560
I can see that I, I just, I, I
would say that flat out I would

763
00:44:35,560 --> 00:44:37,760
say they're going to be wounded
and I think that they're going

764
00:44:37,760 --> 00:44:40,840
to they're going to.
And once you're wounded, you

765
00:44:40,840 --> 00:44:42,520
know, there's blood on the
floor.

766
00:44:44,720 --> 00:44:48,480
We're coming for you unless you,
unless there's blood on the

767
00:44:48,480 --> 00:44:52,560
floor because you're building
something that's transformative

768
00:44:53,640 --> 00:44:56,320
because some people when
they're, they, they don't really

769
00:44:56,760 --> 00:45:01,240
hit success until they've run
themselves into the ground.

770
00:45:01,560 --> 00:45:05,240
You know, they use every asset
and every dollar to do one thing

771
00:45:05,240 --> 00:45:06,840
and one thing and be the best at
it.

772
00:45:06,840 --> 00:45:09,680
And, and then they use that to
kill the market.

773
00:45:09,680 --> 00:45:12,400
But I mean, it's like you look
at this is what these guys are

774
00:45:12,400 --> 00:45:14,880
doing.
They're, you know, everywhere

775
00:45:14,880 --> 00:45:16,480
you look.
I started just looking right now

776
00:45:16,480 --> 00:45:20,680
and I go, they all say they're
higher, highly proprietary, but

777
00:45:20,760 --> 00:45:27,160
Thompson's back in is ChatGPT,
Lexus is back in ChatGPT.

778
00:45:27,160 --> 00:45:28,920
They use their large language
model.

779
00:45:28,920 --> 00:45:32,720
They use it's highly customized.
OK, so it's going to be, it's

780
00:45:32,720 --> 00:45:36,040
going to give different answers
and different results, but you

781
00:45:36,040 --> 00:45:42,960
got to, I mean, wow, that that
in itself tells me that.

782
00:45:43,400 --> 00:45:49,200
And, and I'm sure you know that
I'm a fool about artificial

783
00:45:49,200 --> 00:45:52,280
intelligence, but I was a fool
about the Internet too.

784
00:45:53,360 --> 00:45:57,680
And look for.
That guy you right.

785
00:45:57,920 --> 00:46:00,640
Well, I watched the 23 companies
sit there and look at me and say

786
00:46:00,640 --> 00:46:02,760
that's not real, that's not
going to happen, it's not going

787
00:46:02,760 --> 00:46:05,280
to happen to us.
And then I guess the thing I

788
00:46:05,280 --> 00:46:06,760
would say is, what are you going
to do about it?

789
00:46:06,760 --> 00:46:08,080
Well, we're going to invest in
something.

790
00:46:08,080 --> 00:46:09,400
A lot of them didn't even do
that.

791
00:46:09,400 --> 00:46:11,600
They said our customers love us.
And it's like, no, they don't.

792
00:46:12,720 --> 00:46:17,400
You provide a good, you provide
a service for a, a, a fee that

793
00:46:17,520 --> 00:46:20,640
allows them to do a great job
and get along good.

794
00:46:20,640 --> 00:46:23,760
And that's what it's all about.
You know, you give them answers

795
00:46:24,160 --> 00:46:27,400
at a cost.
And if they can get those

796
00:46:27,400 --> 00:46:31,360
answers, better answers at a
better, at a quicker turn around

797
00:46:31,360 --> 00:46:33,560
at a better cost, they'll do it.
They'll do it in a minute.

798
00:46:33,720 --> 00:46:39,400
You know, I expect to see
downward pressure on pricing at

799
00:46:39,400 --> 00:46:41,880
the end of 2026 in the legal
market.

800
00:46:42,200 --> 00:46:45,480
That's what I'd expect to see.
I, I, I'm going to see that

801
00:46:45,480 --> 00:46:50,400
you're probably not going to see
it for a year and results 2026.

802
00:46:50,400 --> 00:46:53,520
It's going to be flat.
And then you're going to see it

803
00:46:53,520 --> 00:46:56,480
for 2027.
Then it's going to be, it's

804
00:46:56,480 --> 00:46:59,320
going to be, you're going to
start to see it in the quarterly

805
00:46:59,320 --> 00:47:01,120
numbers.
That's where it's going to get

806
00:47:01,120 --> 00:47:03,280
squishy.
But then it makes me wonder if

807
00:47:03,280 --> 00:47:07,320
they go to a, you know, we only
do it semi annually now or

808
00:47:07,320 --> 00:47:09,680
something like that.
Their, their SE CS pushing out

809
00:47:09,680 --> 00:47:12,360
this idea that they don't want
to have quarterly reports

810
00:47:12,360 --> 00:47:16,360
anymore that it will be, it will
be different, be hugely

811
00:47:16,360 --> 00:47:18,920
different.
But I can't, I can't imagine it.

812
00:47:18,920 --> 00:47:21,120
I, I can't imagine that people
are going to pay the same thing

813
00:47:21,120 --> 00:47:25,400
and pay for a bot and a back end
of a bot.

814
00:47:25,640 --> 00:47:30,720
And, you know, I think that
there's a lot of people out

815
00:47:30,720 --> 00:47:37,400
there that are that are big
multinational companies that

816
00:47:37,400 --> 00:47:41,200
probably used to send legal work
to large law firms that are

817
00:47:41,200 --> 00:47:44,960
going to stop doing a lot of it
and just do it in house.

818
00:47:45,920 --> 00:47:48,760
You know they're going to do
what you did, you know?

819
00:47:49,320 --> 00:47:51,840
Be a lot cheaper, yeah,
especially.

820
00:47:51,840 --> 00:47:53,800
And they're, they're going to
get sued and they're going to

821
00:47:53,800 --> 00:47:55,280
lose some cases.
So that's going to happen.

822
00:47:55,400 --> 00:47:57,080
People are going to go see it's
all bad.

823
00:47:57,080 --> 00:48:00,720
And it's like.
The overall cheaper though than

824
00:48:00,720 --> 00:48:02,760
what they were doing.
Before well, no, it's like it's

825
00:48:02,760 --> 00:48:07,160
like, why does I mean, General
Motors could build a car that

826
00:48:07,160 --> 00:48:13,160
would that the passengers would
never get hurt, like 99.99%

827
00:48:13,160 --> 00:48:15,000
could not be hurt.
They could make it much thicker.

828
00:48:15,000 --> 00:48:16,880
They can make it slower.
They can make all these

829
00:48:16,880 --> 00:48:21,120
different things happen, but
it's better to make give it a

830
00:48:21,120 --> 00:48:23,480
little risk.
You know, think about the Ford

831
00:48:23,840 --> 00:48:27,280
Pinto.
Only a couple 100 people going

832
00:48:27,280 --> 00:48:31,480
to die and we can pay that off.
Only 400.

833
00:48:31,840 --> 00:48:34,360
I mean, that's sad, but it, you
know, it's an, it's a, it's an

834
00:48:34,360 --> 00:48:36,200
equation.
When they decide to replace

835
00:48:36,200 --> 00:48:39,480
something or change something or
do something, it's, it's like,

836
00:48:39,600 --> 00:48:43,760
and this is going to be wow.
I kind of wonder if it's going

837
00:48:43,760 --> 00:48:46,040
to change the way people look at
it.

838
00:48:46,040 --> 00:48:49,240
It's like you're going to have
to, it's going to be, how do I

839
00:48:49,240 --> 00:48:55,880
find mistakes in people's work?
I can see that as being a new

840
00:48:55,880 --> 00:48:59,360
field, you know, How do you find
the mistakes?

841
00:48:59,360 --> 00:49:02,280
Their work that lasted all
weekend now is in a blink of an

842
00:49:02,280 --> 00:49:03,360
eye.
I think we're all done.

843
00:49:03,960 --> 00:49:05,440
The what?
Teachers.

844
00:49:06,360 --> 00:49:08,920
Yeah.
And correcting essays and things

845
00:49:08,920 --> 00:49:10,240
like that.
Yeah, I.

846
00:49:10,360 --> 00:49:12,280
Don't even think we're going to
write essays anymore though.

847
00:49:13,120 --> 00:49:15,320
I will see.
The thing is, if it stops, if

848
00:49:15,320 --> 00:49:17,280
you were just to stop right
here, you'd only use everything

849
00:49:17,280 --> 00:49:20,520
that was done in the past, and
the essays would be all based

850
00:49:20,520 --> 00:49:22,800
upon what happened the last five
or ten years.

851
00:49:22,800 --> 00:49:26,200
And in five years from now, it
wouldn't have knew.

852
00:49:26,360 --> 00:49:30,520
It would have You know you need.
Modules.

853
00:49:30,520 --> 00:49:31,720
Let's see what you're saying.
Right.

854
00:49:31,720 --> 00:49:34,720
You need, you need new, new
stuff coming in and you need

855
00:49:34,720 --> 00:49:39,760
people to point out things cause
a lot of teachers point out

856
00:49:39,760 --> 00:49:43,760
esoteric stuff that you wouldn't
see that you wouldn't always do.

857
00:49:43,880 --> 00:49:47,320
They certainly point out the
classics, their own bias, of

858
00:49:47,320 --> 00:49:48,680
course.
Of course they have it.

859
00:49:48,760 --> 00:49:52,720
Yeah, but they have a list that
they pick from and they have

860
00:49:52,720 --> 00:49:54,480
their own little bias that goes
with it.

861
00:49:54,480 --> 00:49:57,200
And it's like in any industry,
when people teach about the

862
00:49:57,200 --> 00:49:59,960
stuff that's hard and good and
searching and all that, they're

863
00:49:59,960 --> 00:50:01,680
going to have some basis of
bias.

864
00:50:01,920 --> 00:50:06,880
But if you got half a brain, you
know that you know, So you just

865
00:50:06,880 --> 00:50:07,680
you're.
Educated.

866
00:50:07,680 --> 00:50:09,320
Yeah.
Well, you don't have to be

867
00:50:09,320 --> 00:50:09,960
educated.
You.

868
00:50:09,960 --> 00:50:11,800
Just have to be.
Say education.

869
00:50:11,960 --> 00:50:14,360
You know what's funny though, is
a lot of times education

870
00:50:14,360 --> 00:50:16,760
actually makes it more
invisible.

871
00:50:17,600 --> 00:50:20,160
Yeah, your own it does.
You can hide better, but I, but

872
00:50:20,160 --> 00:50:25,920
I, I knew when the foreman on
the job was pissed off, I knew

873
00:50:25,920 --> 00:50:29,400
when we were doing something
that it was because he liked it,

874
00:50:31,040 --> 00:50:34,160
you know, and that was before I
was educated.

875
00:50:35,240 --> 00:50:37,800
It was just like, hey, you read
your boss, you read people

876
00:50:38,000 --> 00:50:42,080
where, where we all have that.
It's a matter of if they do it

877
00:50:42,200 --> 00:50:45,680
and then they do it and it hurts
you or it hurts other people or

878
00:50:45,680 --> 00:50:48,000
at the detriment of somebody
that it's unfair to, you know,

879
00:50:48,000 --> 00:50:52,000
that's kind of the thing.
Yeah, a lot of that, but I think

880
00:50:52,000 --> 00:50:53,080
it's going to change a lot of
people.

881
00:50:53,080 --> 00:50:59,120
And I think it's really going to
be today is what is it, February

882
00:50:59,120 --> 00:51:02,600
4th, and this is going to come
out tomorrow.

883
00:51:02,600 --> 00:51:05,000
So I think it'll be interesting
because it'll still be in a hot

884
00:51:05,200 --> 00:51:08,280
time for legal Deck.
All this happened this week.

885
00:51:08,800 --> 00:51:10,120
Well, no, that's right.
Tomorrow's Thursday.

886
00:51:10,120 --> 00:51:15,440
It'll come out Friday, day
after, Yeah, day after tomorrow.

887
00:51:15,440 --> 00:51:17,440
So it'll come out and still be
timely.

888
00:51:17,440 --> 00:51:19,720
It won't be dead.
And hopefully a lot of my old

889
00:51:19,720 --> 00:51:23,160
buddies that used to listen to
my rantings on legal tech and

890
00:51:23,160 --> 00:51:26,400
where it's going to go, we'll
give a listen and we'll all talk

891
00:51:26,400 --> 00:51:29,360
about dementia patients instead.
Sounds good to me.

892
00:51:29,920 --> 00:51:33,200
Thank you guys for listening.
As always, check out our

893
00:51:33,200 --> 00:51:35,760
website.
We do this every Friday.

894
00:51:35,800 --> 00:51:38,240
Thank you guys for listening.
We wouldn't be here without you.

895
00:51:38,280 --> 00:51:39,840
We appreciate it.
Bye bye.