Legal Field in Big Trouble: Fund Manager Advises against Law School; Urges Trades Instead

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The future of the legal industry may not look so bright, according to Geoff Lewis, the founder of Bedrock Capital. Lewis warns young people against pursuing a law degree, as more companies are beginning to use artificial intelligence tools, such as ChatGPT, to generate complex contracts and automate tasks traditionally done by lawyers. This trend is also supported by a recent study conducted by OpenAI, which found that highly-educated professionals are more exposed to automation tools compared to blue-collar workers with trade skills. The legal services industry has an exposure level of 76%, indicating a high chance that AI could replace and automate many legal processes. Meanwhile, blue-collar work has a significant labor shortage, and jobs like bricklaying, furniture manufacturing, and electrical repairs are difficult to automate. These skills are in high demand and can provide six-figure salaries. With a steady supply of business, it might be time for those in the workforce to consider pivoting to blue-collar work and skills instead.

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Frequently Asked Questions (FAQs) Related to the Above News

Who is Geoff Lewis and what is his advice for young people interested in pursuing a legal career?

Geoff Lewis is the founder of Bedrock Capital. He advises young people against pursuing a law degree due to the increasing use of artificial intelligence tools in the legal industry, which could potentially lead to the automation of many legal processes.

What is the current trend in the legal industry according to Lewis?

The current trend in the legal industry is the increasing use of artificial intelligence tools, such as ChatGPT, to generate complex contracts and automate tasks traditionally performed by lawyers.

What did the study by OpenAI reveal about automation in the workplace?

The study by OpenAI found that highly-educated professionals are more exposed to automation tools compared to blue-collar workers with trade skills.

What is the exposure level of the legal services industry according to the study?

The exposure level of the legal services industry is 76%, indicating a high chance that AI could replace and automate many legal processes.

What is the current labor shortage and what types of jobs are difficult to automate?

The current labor shortage is in blue-collar work. Jobs like bricklaying, furniture manufacturing, and electrical repairs are difficult to automate.

What are the potential benefits of pivoting to blue-collar work?

Blue-collar work is in high demand and can provide six-figure salaries with a steady supply of business, making it a potentially lucrative career path.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Aniket Patel
Aniket Patel
Aniket is a skilled writer at ChatGPT Global News, contributing to the ChatGPT News category. With a passion for exploring the diverse applications of ChatGPT, Aniket brings informative and engaging content to our readers. His articles cover a wide range of topics, showcasing the versatility and impact of ChatGPT in various domains.

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