Threat of AI - finance vs law
Which jobs do you think are more replaceable by AI? AI seems quite strong at summarizing texts and finding relevant information but struggles with numerical tasks, which could favor IB.
On the other hand, legal jobs are protected by licensing requirements and a limited supply of lawyers.
What do you all think?
You can't practice law without being a lawyer because:
Finance? Many aspects can be automated or overtaken by AI. What remains is the human element—negotiations, strategic judgment, and the ability to navigate a range of viable options where one may be more appropriate for a specific CEO but not for another CEO, so again, some human judgement needed.
The bottom line is that both law and finance are vulnerable to AI but have their own sort of "shield to AI". However, financial advice isn't always necessary to execute a transaction, whereas legal advice often is. Moreover, the average person is far more likely to need legal assistance than financial guidance, so long-term, being a lawyer is more secure. Maybe not as paid due to automation and whatever, but sure on the "my profession is not hugely affected by AI" sort of rationale.
However, that's the downside/skeptic view. On the upside, if you're tech savy, you can Excel now even more on finance or law. Imagine you're an advisor who leverages any existing AI model out there or you're a lawyer who does the same. You save on overhead costs, and you have it easier to be a "one man army" which means higher compensation or fees depending on your specific role. Also, many funds could cut some extra personnel which increases their own bonus pool. So fewer jobs, but better paid due to AI. The classic choose what you'll enjoy more because you have more chances to succeed in the one you like.
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