Ron Kort ♿️⚖️

Just here rolling through the metaverse. J.D. @NYLawSchool | M.S. Finance @BaruchCollege | B.B.A. Marketing @HofstraU

[Ron Kort ♿️⚖️ @kort_ron]

@ColdBloodShill DMed you

[Ron Kort ♿️⚖️ @kort_ron]

@SMB_Attorney Interested!

[Bradford G Smith (Brad) @ALScyborg]

I am the 3rd person in the world to receive the @Neuralink brain implant.

1st with ALS. 1st Nonverbal.

I am typing this with my brain. It is my primary communication.

Ask me anything! I will answer at least all verified users!

Thank you @elonmusk!

[SMB Attorney @SMB_Attorney]

I use AI every day. I believe in it. It’s already changed how I practice law.

But the idea that AI is going to wipe out $750/hour law firms because it can draft a basic contract?

That’s just not how this will work.

To be clear, Greg’s initial point is a good one:

This is not business as usual.

But the chorus of commenters go to far and don’t understand our profession.

Law firms are not “cooked” guys lol.

Here’s some context that might help:

Simple contract drafting was commoditized years ago.

Platforms like LegalZoom and Rocket Lawyer already drove margins into the ground.

No one’s getting rich writing NDAs.

Try applying the same logic to divorce litigation, estate planning with blended families, or a complex employment dispute where a non-compete might or might not hold up.

Those aren’t getting DIY’ed anytime soon, if ever.

More on this below.

The example here is drafting a contract, sending it, and getting a lawyer’s “looks good” two days later. That’s not a win for AI. That’s just a low-stakes transaction with no real risk.

$750 law firms aren’t built on $2,000 contract reviews.

They’re built on matters that involve multiple six- to nine-figure sums in play.

Situations where you’re taking big bets and need a sober second, third, fourth and fifth set of eyes to ensure you don’t miss something that costs you millions.

Greg’s example is like hiring an architect for a doghouse and then bragging that you built it yourself.

I bet you wouldn’t try that on your home. And you certainly wouldn’t try it on a high-stakes investment property.

Profitable law firms have been out of the dog house business for a long time.

The reality is what Greg’s highlighting, automating basic agreements, will impact maybe 3% of lawyers. The ones whose entire practice is vanilla templates.

Meanwhile, the other 97% of legal work still requires judgment, negotiation, relationships, courtroom presence, strategy, and liability coverage.

Most legal work falls into three categories: (1) requires a license for access, (2) is for folks that can’t DIY (like criminal) or (3) is so high stakes you’d be dumb to go alone.

These categories are not vulnerable to AI right now.

People forget that a huge part of what lawyers do, especially in corporate settings, is give decisionmakers air cover.

When a deal goes bad, or a regulator shows up, or a partner sues, the CEO needs to be able to say, “Legal signed off” to save their own butt.

Lawyers don’t just draft documents, they absorb risk, validate judgment calls, and document the decision-making process so the client isn’t out there alone.

When Lloyd’s of London starts selling an insurance product to backstop the legal advice you get it from AI, good lawyers should be worried.

I wouldn’t hold your breath.

No AI tool is stepping into that CYA role anytime soon.

The best firms are already adapting. They’re using AI to move faster and scale better, not to replace expertise, but to amplify it.

This isn’t a mass extinction event. It’s just another shift in the layers of the profession.

And the ones who know the difference between a clean draft and actual advice? They’ll be just fine.

Remember, I’m a believer in AI!

So before the chorus of trolls shows up and tells me to “cope harder Eric” or “it’s over for lawyers” please glance at the below list.

Tell me which of these practice areas will be universally replaced by maverick DIYers like Greg?

Spoiler alert: this list doesn’t even scratch the surface of what lawyers do.

And zero of these areas are being meaningful disrupted anytime soon.

Litigation & Disputes
•Civil litigation (especially multi-party or high-value)
•Commercial/business litigation
•Employment litigation
•Medical malpractice
•Personal injury

(Cont in the comments below)

[Vivek Ramaswamy @VivekGRamaswamy]

The Supreme Court overturned so-called “Chevron deference” earlier this year which is a seismic blow to the federal bureaucracy. Under the old doctrine, federal courts deferred to agency interpretation of ambiguous statutes. As of 2024, that’s no longer the case. Here are some facts:

Lower federal courts have relied upon Chevron somewhere between 17,000 - 19,000 judicial opinions.

A 2022 study found that federal appellate courts applied Chevron in ~85% of cases involving federal agency interpretations of law interpretation is at stake. In ~60% of these cases, the court concluded that the statute was ambiguous (“Chevron Step One”) and proceeded to determine whether the agency’s interpretation was reasonable (“Chevron Step Two”).

Once federal courts of appeals reached that point framework, they sided with the agency 77% of the time.

A separate study evaluated more than 1,300 courts of appeals cases from 2003 to 2013 & found a 94% rate of judicial deference to the agency position, at Chevron Step Two.

The overturning of Chevron deference, combined with the Major Questions Doctrine enshrined in West Virginia vs. EPA, paves the way for not slight but *drastic* downsizing in the scope of the federal regulatory state.

[Paul Grewal @iampaulgrewal]

Privacy wins. Today the Fifth Circuit held that @USTreasury’s sanctions against Tornado Cash smart contracts are unlawful. This is a historic win for crypto and all who cares about defending liberty. @coinbase is proud to have helped lead this important challenge. 1/6

[Ron Kort ♿️⚖️ @kort_ron]

Asked the following on @perplexity_ai saved me hours of doomscrolling on X!

"Does @SMB_Attorney recommend any books on small business law?" (was looking for two specific ones but couldn't remember the exact titles)

Got the following answer:

Based on the search results provided, @SMB_Attorney (Eric Pacifici) recommends a few specific books for those interested in entrepreneurship through acquisition (ETA) and small business law:

"The HBR Guide to Buying a Small Business"
This book is consistently recommended by @SMB_Attorney as a key resource for anyone considering buying a small business.

"Buy Then Build" by Walker Deibel
Another highly recommended book for those looking to pursue entrepreneurship through acquisition.

While not explicitly mentioned as recommendations from @SMB_Attorney, the search results also highlight a few other relevant books that could be useful for small business owners and attorneys:

"Legal Guide for Starting & Running a Small Business" by Fred S. Steingold
This comprehensive guide covers various legal aspects of starting and running a small business, including raising start-up money, choosing business structures, and managing employees

It's worth noting that @SMB_Attorney and his partner Kevin Henderson have also started their own podcast called "Mundane Millionaires," where they interview business buyers and experts in the field. This podcast could serve as an additional resource for those interested in small business acquisitions and related legal matters.

[Ron Kort ♿️⚖️ @kort_ron]

@Car_lawyer_guy @SMB_Attorney How does a 3L get into this? Do these firms hire associates right out of law school?

[Neuralink @neuralink]

https://t.co/OMIeGGjYtG

[Ron Kort ♿️⚖️ @kort_ron]

@NFTcornedbeef @seicentral hardrockz

[Joe Pompliano @JoePompliano]

Unpopular opinion but the $2.3 billion MSG Sphere is one of the coolest things the US has built in a long time.

(h/t @VegasIssues)

[Ron Kort ♿️⚖️ @kort_ron]

@MrFourToEight What age would you recommend it for?

[Raoul Pal @RaoulGMI]

For me, I'd happily pay $3.5k just to not stare hunched up at 3 screens and a wall for 14 hours a day at home.

[Ron Kort ♿️⚖️ @kort_ron]

@SageCitizen @ZssBecker Also curious which doctor can order these labs

[Ron Kort ♿️⚖️ @kort_ron]

@KHendersonCo Subscribed!

[Ron Kort ♿️⚖️ @kort_ron]

@NonFungibleEsq @SMB_Attorney As a current 2L I’m very interested in hearing more! Can you send more details?

[Ron Kort ♿️⚖️ @kort_ron]

@coleruudjohnson Scripts

[Ron Kort ♿️⚖️ @kort_ron]

@elonmusk @Tesla Will the cyber truck be wheelchair accessible?

[Eric Hsu @lawyer4SMBs]

$50K in cash can buy you a brand-new Tesla 3.

Or can buy you some freedom.

Want to turn $50K cash into $100K+ a year in cashflow?

In this thread I’m going to share 3 very realistic ways you could do this (PS, none of them require a personal guarantee).

A 🧵

[Ron Kort ♿️⚖️ @kort_ron]

@SMB_Attorney @smblawgroup Are you hiring summer interns as well?