"The world is evolving. People are starting to recognize that we got to keep up, and we've got to figure out how we can service people more effectively. It's not to say that lawyers have not serviced people effectively from the start, but the times have changed. We are now servicing people who are much more highly educated. I'm always challenged by my clients. They say ChatGPT can produce the term sheets, and it looks great. So why should they trust me? Helping the consumers understand the risk factors they need to be aware of, what they need to look out for, and helping to justify the value that we're bringing on the table would be helpful." - Rachel Wong
"We’d have to stay away from using language like “inter alia”, “ipso facto”, which were very sexy in the 1950s and 1900s, but now, it's more towards the plain English movement as well as helping the people who sign the documents fully understand what they're signing. We can use the YC SAFE as an example. I never thought that there would be a document that people would just copy-paste and use widely as a template in private negotiations where it’s not mandated by the industry like in insurance and banking. There are standard template documents that the industry has decided that they want to use." - Rachel Wong
"The first trend that I predict is that lawyers will become more specialized. Industries evolve in a certain way. To give an example, it will be like law firms doing mergers to become larger law firms, and then being one-size-fits-all law firm. Then, the industry typically evolves to become more specialized. The underlying rationale behind it is twofold: the first thing is that economics kind of doesn't make sense at some point when they're too big. The second thing is that consumers also require something a bit more specialized over time. They're no longer so open to generic lawyers. So, if I'm looking for maritime legal advice, I want to go to a maritime lawyer rather than going to a big shot that does everything." - Rachel Wong
In this episode, Jeremy Au speaks on the law ChatGPT AI revolution, the bastardized YC SAFE, and founder legal templates with FD Lite.
Keywords: Rachel Wong, Law ChatGPT AI Revolution, Bastardized YC SAFE, Founder Legal Templates, FD Lite, Singapore, Women, Founder Story
