'Do not go to law school': This fund manager warns that the legal field is in 'big trouble' — says folks are using ChatGPT for complex contracts. Time

According to fund manager Geoff Lewis, the legal services industry is facing significant challenges. He claims to have spoken with people who spend thousands of dollars on legal bills each week, and they are already turning to ChatGPT to create intricate contracts.

Lewis, who established and currently leads Bedrock Capital, has recently given a gloomy suggestion to the younger generation: "Avoid pursuing a career in law by all means."

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Many professionals share the concern about the future of the field. Various experts have pointed out that the impact of artificial intelligence tools like ChatGPT may pose a greater threat to white collar jobs. Recently, OpenAI conducted a study that revealed highly educated professionals are more vulnerable to automation compared to blue collar workers who possess trade skills.

According to the statistics, AI softwares such as ChatGPT can perform more than three-quarters of the work done by interpreters and translators. This indicates that these professionals have a high risk of being replaced by machines. However, individuals such as chefs, barbers, and electricians have minimal exposure to AI software, as only 3% of their work could be carried out by machines.

Regarding lawyers, their job is highly susceptible to being taken over by AI with a likelihood of 76% being affected. However, the situation is dire for legal secretaries and administrative assistants as they have a 100% probability of being outmatched by AI since their job abilities can be replicated with relative ease.

For example, ChatGPT has the ability to create fundamental agreements, compose lawful correspondences, and even convert legal jargon into simpler terms for individuals who are not professionally trained in law.

Actually, there is already an internet-based company that has succeeded in automating numerous responsibilities that attorneys usually do. DoNotPay assists its users in challenging parking citations, filing reports for tax fraud, and provides an array of other services with the help of artificial intelligence. The cost of utilizing this service is only $36 per year. If you compare that rate with the hundreds of dollars per hour charged by most lawyers, it is evident why this innovation is so significant.

Joshua Browder, who is the founder of DoNotPay, claims that he was bombarded with intimidating messages from State Bar associations when he expressed interest in bringing his "robot attorney" to trial earlier this year. At present, the court case has been put on hold by the team. However, the possibility of automation continues to worry legal specialists, which is why Geoff Lewis and others are encouraging youngsters to avoid choosing the costly path of studying law.

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Shift To Blue-collar Jobs?

Acquiring abilities in the field of trades can safeguard your finances in the distant future. Take into account these particular circumstances.

Initially, there is a substantial deficiency of workers in the blue-collar sector. According to the U.S. Chamber of Commerce, industry employers are currently combating with the task of hiring 400,000 welders, 78,000 truck drivers, 18,000 aircraft mechanics, as well as numerous other tradesmen. While in 2023, there is a deficiency of 500,000 construction workers and by 2030, The National Association of Manufacturers predicts that 2.1 million jobs in manufacturing could possibly remain unoccupied.

These careers are not only challenging to recruit people for, but they are also challenging to computerize. ChatGPT and related generative Artificial Intelligence (AI) programs are mostly concerned with information, analysis and competencies such as scriptwriting. Automating jobs such as bricklaying, furniture creation, and electrical maintenance could take greatly more time.

Ultimately, there is a shortage of skilled workers in certain fields which is causing the wages for these professions to rise. For instance, the Philadelphia Technician Training Institute states that elevator mechanics earn an average of $104,000 per year, and seasoned aircraft mechanics and HVAC maintenance workers can also earn salaries in the six-figure range.

This implies that if you have many years left in your career, it could be an opportune moment to contemplate switching to manual labor and obtaining relevant expertise. As the need for such workers is presently significant, it's reasonable to assume that there will be a constant influx of job opportunities.

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This piece of writing is purely informative and should not be taken as guidance. There is no guarantee or warranty attached with the information provided.