Winston Weinberg

For sure.

One way to think about the professional services is they're cyclical and counter-cyclical, but mostly cyclical.

I'll just use legal as an example.

A lot of the revenue from the top law firms comes from M&A or transactional work, which is mostly cyclical.

The economy goes up, the economy booms, and you have more M&A.

I think that folks think a lot about legal in a vacuum.

where they say oh these lms you know are going to get so good that they can do all legal work etc and what they're missing is it can do legal work today what does legal work look like in 10 years like what is the product review for a lawyer look like when meta can ship 50 times as many products daily right that is going to change a lot of this world

So you can't do that in the U.S.

right now.

So you need a lawyer.

Basically, there's two rules.

One is state by state, which is the unauthorized practice of law.

It's actually a felony.

And so, you know, you actually need to be barred in order to give legal advice.

And then the other one is an ethical rule.

So it's by the ABA, which basically says that you can't have non-lawyers invest in a law firm.

And so the combination of those two make it actually impossible to do what you just said, other than in Arizona and Utah, where they have changed the rules to create a sandbox.

They've created like a regulatory sandbox where you can experiment with that and you don't actually, both of those are gone.

Yeah.

That's fascinating.