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Carson Block

πŸ‘€ Speaker
364 total appearances
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Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Now, vast majority of us are not that skilled yet with the current generation of model, but

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

we extrapolate that we're going to be hitting a point in the not too distant future in which we're going to see exponential improvement in the capabilities of these models because they're coding and testing their successors and so on and so forth.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

then you're going to see a lot more capability you're going to see more comfort in understanding of how to use them i think it's entirely conceivable that within a few years three five two um you could see within the us roughly 15 of knowledge workers displaced from their jobs and

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Unlike the GFC, it's not that you just need to grow your way out of this and reallocate human and financial capital.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Those jobs are gone and the number of chairs for humans is going to continue shrinking.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

So that's where I come out on AI, LLMs, whatever you want to call them.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

I mean, a number of these, yes, a number of these jobs will disappear.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

I'm a former attorney.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

I'm a professional litigant effectively now in my current, you know, current, you know, iteration of my career.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

And I got to tell you.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Like at present, Claude can handle a lot of tasks that I pay attorneys for.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Now, we're all familiar with the hallucinations and makes up, you know, A versus B. I'm not saying you remove humans entirely.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

But I mean, if I'm you know, when you go through discovery, you're paying some associate.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

I mean, depending on the law firm.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

You're paying some associates somewhere between, you know, for good law firm, junior associate, $500 an hour to $1,500 an hour to review email after email and text after text.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

And they make mistakes.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

Claude.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

does it 100% better.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

So now you have to ask, you have to query it in the right way.

Merryn Talks Money
Carson Block: AI Could Trigger the Next Financial Crisis

But, you know, when you're talking about, I mean, financial service related litigation, most of our outside attorneys, especially junior associates, don't understand what we do anyway.