Title: Should You Avoid Law School? The Rise of AI and the Growing Demand for Trade Skills
According to Geoff Lewis, founder and managing partner of Bedrock Capital, the legal services industry is in significant trouble. Lewis recently highlighted the increasing use of AI-powered software, specifically ChatGPT, to generate complex contracts. This automation trend has prompted concerns about the future of white-collar professions and led Lewis to issue a stark warning to young individuals: Do not go to law school.
A recent study conducted by OpenAI, the creator of ChatGPT, found that highly educated professionals are more vulnerable to automation than their blue-collar counterparts with trade skills. For example, interpreters and translators face a whopping 76.5% exposure rate, meaning that AI software could perform over three-quarters of their tasks more efficiently. In comparison, trades such as chefs, barbers, and electricians have exposure levels as low as 3%.
The legal field is not immune to the disruptive impact of AI. Lawyers, in particular, face exposure levels as high as 76%, with legal secretaries and administrative assistants potentially facing complete automation of their standard tasks. ChatGPT can now generate basic contracts, draft legal letters, and even translate complex legal language into more accessible terms for non-lawyers.
DoNotPay, an online service powered by AI, has already automated several tasks traditionally carried out by lawyers. For a mere $36 a year, users can contest parking tickets, report tax fraud, and access a range of other services, making it a cost-effective alternative to hiring legal professionals.
Founder Joshua Browder faced criticism from State Bar associations when he proposed the idea of taking his robot lawyer to court earlier this year. Although postponed for now, it raises concerns about the future of legal experts in an increasingly automated world. Consequently, experts like Geoff Lewis are advising young individuals to reconsider pursuing costly law degrees.
In light of these developments, gaining skills in the trades may be a more prudent and future-proof career choice. The blue-collar economy is grappling with a significant labor shortage, with industries struggling to find welders, truck drivers, aircraft mechanics, construction workers, and manufacturing professionals. These trades are challenging to automate fully, unlike tasks focused on data, analytics, and writing that generative AI models excel at.
Additionally, the demand-supply imbalance in the blue-collar sector is driving wages higher. For instance, elevator mechanics, experienced aircraft mechanics, and HVAC maintenance workers can earn six-figure salaries, with the average elevator mechanic making around $104,000. With an aging workforce and millions of jobs expected to go unfilled in the coming years, this may be the opportune time to reevaluate your career path and consider transitioning to blue-collar skills.
By embracing a trade, you can secure steady employment and capitalize on the rising demand for these skillsets. The labor shortage in blue-collar professions provides a unique window of opportunity as automation poses less of a threat compared to white-collar fields like law.
In conclusion, Lewis’s warning about the challenges facing the legal industry amidst the rise of AI software like ChatGPT should prompt young individuals to consider alternative career paths. The shortage of trade professionals, the difficulty of automating blue-collar tasks, and the increasing wages in those fields make them attractive options for those looking to future-proof their careers. As the workforce evolves, it’s essential to adapt and pursue avenues that offer stability, growth, and promising financial prospects.
