Law is getting eaten by AI. Is Wealth Management next.

Recently I listened to a conversation with the CEO of Legora, an AI workspace used by lawyers. I expected the usual “AI makes professionals faster” story. What stood out was something more structural: law is beginning to reorganise around what is now cheap and reliable, and what remains scarce.

This is not a post about legal tech for its own sake. It is about what happens when a profession that runs on judgement, trust, and review meets systems that can read, search, compare, and draft at scale.

If you work in wealth management and advice, you will probably recognise the patterns.


The old (current) legal stack: lots of tools, little leverage

Legal technology has existed for decades, but it grew as a patchwork. The pre-LLM world was full of point tools: templating, translation, redlining, research tools, clause libraries, document management add-ons. They all touched text, but they did not change the economics of the work.

That fragmentation was a rational response to a hard constraint: legal work is messy, unstructured, and context-heavy.

A big share of legal tasks are “high risk, low differentiation”. Due diligence, clause extraction, precedent checks, research memos. They are expensive and time-consuming, and clients rarely love paying for them, but you cannot skip them.

Earlier ML approaches could sometimes work when language was consistent. They struggled when the same concept appeared in different wording across documents. The founder gives a simple example: you could train systems to detect a change-of-control clause when it looked like the examples, but they were poor at identifying the meaning when phrasing varied.

That is where real work lives.


What changed: models crossed a practical threshold

The shift was not that someone found better prompts. It was that models became usable on real legal language at a level that could support daily workflows.

Using earlier models (including BERT-era approaches) they handled Swedish poorly, then seeing GPT-3.5 open up entirely different behaviour.

Two details matter:

  • The initial insight was concrete. A lawyer spent months summarising cases by hand, which is clearly computable if a system can read and reason.
  • The first thing they built was not an “enterprise platform”. It began as a simple contract explainer, then quickly expanded once they realised the ceiling had moved.

This is usually how new operating models start: one narrow use case, then rapid expansion as soon as the underlying capability is real.


What they built: not a chatbot, a workspace

Legora’s shape is instructive because it is not a thin chat interface bolted onto documents. It aims to become the surface where work happens.

A web workspace

It began as chat over your own documents and files. It evolved into an agentic workflow experience, where you can ask for multi-step work such as: do research, convert it into firm-standard language, draft a memo, output a finished deliverable.

The meaningful change is not “answers”. It is “work completed”.

Old Tech Meets new Tech: Microsoft Word add-in

Lawyers live in Word. So the product goes to Word.

The founder compares this to Cursor for lawyers: the system can read the document, propose edits, and apply structured workflows, but inside Word’s UI constraints.

This matters because adoption follows workflow. If the tool requires people to work somewhere else, it competes with habit, precedent, and time pressure.


The real leap: turning review into supervision

The moment that stuck me the most was not chat. It was a workflow for doing large-scale review without doing large-scale labour.

They describe a due diligence workflow where you upload many documents, then run many questions across all of them in a grid. Each document is a row. Each question is a column. The system executes the cross-run and links answers back to citations.

If you have ever watched a diligence team grind through documents one-by-one, you immediately see what changes:

  • The work shifts from manual scanning to exception handling
  • You can ask more questions because the marginal cost drops
  • Quality becomes easier to standardise because answers are tied back to sources

Legora’s point is that the hard part is not “prompting”. It is running this at scale while keeping citations correct, handling long documents, definitions, and cross-references.

This is a different class of product. It is workflow infrastructure, not a clever interface.


Encoding standards as playbooks

Another theme in the conversation is playbooks: collections of rules, preferred language, and fallbacks that can be applied consistently.

The described flow is simple: define what “good” looks like, define what to do when it is not met, then run that set of rules across a contract and mark it up.

Two implications are worth calling out:

  1. Consistency becomes a product outcome. A firm can encode standards once and apply them repeatedly.
  2. Expertise becomes distributable. The founder describes non-legal teams using playbooks to negotiate common agreements before involving legal.

When a profession can distribute its standards this way, the organisation changes. The bottleneck moves.


Trust, reliability, and auditability are the product

A recurring idea in the conversation is that the first requirement was not magic, it was trust.

They talk about early compliance constraints, particularly for Europe: data residency, no retention, no training on customer data, and controls around human review.

They also emphasise reliability and scalability as foundational. There is a line I keep thinking about: you get one chance when a professional logs in, and if the system fails, they may never come back.

In high-trust work, “mostly works” is not a feature. It is a dealbreaker.


The deeper pattern: when intelligence gets cheaper, work re-bundles

Zooming out, the legal story is a clean example of a broader shift.

When systems can read, compare, search, extract, draft, and synthesise at scale, several things tend to happen:

  • Point tools lose relevance, because one underlying capability can serve many tasks
  • The workflow re-bundles into fewer surfaces
  • Humans move from producing every intermediate step to supervising outputs
  • “Software” starts to blur into “service”, because the buyer cares about outcomes, not interfaces

The founder explicitly notes that as they go deeper into the legal stack, the boundary between software and service is blurring.

That is not unique to law.


Three common mistakes organisations make

When an industry hits this stage, most organisations make the same mistakes, even smart ones.

1) Buying tools instead of redesigning work

It is natural to add “AI” as another layer in the stack. That approach tends to increase complexity, not leverage.

2) Treating pilots as strategy

A pilot answers “can we do this?”. Strategy answers “which workflows must change because the unit economics and risk profile have changed?”.

3) Keeping workflows that should not survive

This is the quiet killer. Many workflows exist because intelligence was scarce and review was expensive. When those assumptions change, holding the old workflow constant prevents you from capturing the new leverage.


A semi-concrete view: before and after

I find it useful to understand this shift without pretending the final target state is already known.

Before

  • Multiple systems of record
  • Many tools for narrow tasks
  • Manual review and sampling to manage risk
  • People acting as glue between steps
  • Quality enforced by senior review and institutional memory

After (directionally)

  • Fewer “tools”, more workflow surfaces
  • Continuous review across large corpuses, not periodic sampling
  • Standards encoded once and applied repeatedly
  • Humans supervising outputs, handling exceptions, owning accountability
  • Reliability and provenance becoming central, not optional

What replaces today’s stack is still being worked out. Everyone is figuring it out in real time. But it will be different, because the constraints have changed.


The mirror, Wealth Management and Advice

If you run wealth management and advice inside a large institution, you already recognise the shape of your environment: a set of systems of record, a patchwork of tooling, manual review where risk demands it, and advisers and teams acting as connective tissue.

That is status quo. It is how complex, trust-bound work has always been delivered.

The legal story is simply an early, visible case of what happens when that environment meets systems that can compress analysis and drafting, and do it with traceability.

The more interesting question is not “will people still matter?”. It is “what do people do when the machine can do the middle of the workflow?”

Legora predicts lawyers will increasingly become reviewers and managers of agentic work, still responsible, still accountable, but spending more time supervising than producing.

That is a plausible future for advice-driven work more broadly.

Law is not special. It is just early.

Future of Banking – 2034

While 2034 sounds more like the setting for a Skynet take-over, It’s also just a short 10 years down the road and we all know how quickly things can change in a decade.

Looking in the finance sector, Banking in particular, I see a number of emerging changes that are set to reshape the environment – so let’s revisit in 10 years and see how close/far off I was.

  • Personalized Banking: Banks are increasingly using AI to analyse customer data, offering personalised financial advice and product recommendations and this will extend past products and into lifestyle. For instance, apps like Cleo and Plum use AI to help users manage their finances more effectively.
  • Banking as a Platform (BaaP): This model allows financial institutions to integrate services with third-party providers. A notable example is Starling Bank, which offers a marketplace allowing customers to access a variety of financial services through its app.
  • Blockchain for Secure Transactions: Blockchain technology is being explored for its potential to make transactions more secure and transparent. Ripple, a blockchain solution, is already being used by banks for cross-border payments.
  • Rise of Decentralized Finance (DeFi): DeFi represents a shift towards open, permissionless, and fully decentralized financial markets, which could redefine access to financial services and significantly reduce the number of intermediary businesses currently profiting on the legacy, inefficient systems of today.
  • Increased Focus on Cybersecurity: As digital banking expands, cybersecurity threats will become more sophisticated, requiring advanced solutions to protect customer data and financial assets. Banking has traditionally been at the forefront of security and could even extend their services in a digital asset world to protect more than just money, NFT Vault anyone?
  • Impact of Quantum Computing: Quantum computing has the potential to disrupt current encryption methods, challenging the security of financial transactions and data storage and so superior encryption technology is needed. Banking (and Defence) are well positioned to develop the leading edge Quantum Encryption standards and even productise this.

And entirely out of left field, this is my view of the most drastic change we might see:

Banks as Product Manufacturers.
As OpenData, AI and FinTech converge on the industry, I see the ability of banks to compete (fairly) in 10 years greatly diminished, and see profit focus forcing them to return to their roots in creating hyper-secure savings and lending products that are then distributed by other merchants (Apple, Amazon, FinTechs)

Okay, see you in 10 years.

Clinton

The Finance Super App : Increased Financial Literacy and Empowerment

Imagine a world where advanced financial, tax, and accounting advice is democratised through an app accessible to everyone. 

The distribution of this knowledge, which has traditionally been the purview of the uber-wealthy, could have profound impacts on how individuals manage their finances, make investment decisions, and plan for the future.

While there are many apps available treat each area of personal finance as a discrete vertical, they lose out on a full picture of an individual’s financial situation and without wich, they arent able to give personalised and meaningful guidence.

Here are my thoughts on the potential impacts an application like this could have on society’s growing wealth inequality:

Increased Financial Literacy and Empowerment

  • Broader financial education: Access to personalised advice could significantly improve financial literacy across all socioeconomic classes. Understanding financial basics, such as budgeting, saving, and the importance of credit scores, can empower individuals to make informed decisions.
  • Empowerment through knowledge: Knowledge is power, especially in finance. Equipping individuals with the same level of advice that the wealthy have access to could help level the playing field, allowing more people to build and preserve wealth.

Enhanced Wealth Building Opportunities

  • Investment participation: One of the keys to building wealth is investing. An app providing advanced investment advice could lower the entry barriers to the stock market, real estate, or other investment vehicles, traditionally seen as complex and risky without the right knowledge.
  • Tax optimization: Effective tax planning and understanding tax implications are crucial in wealth accumulation. Personalized tax advice can help individuals not only save money but also explore tax-efficient investment strategies.

Reduction of Wealth Inequality

  • Narrowing the advice gap: The uber-wealthy often benefit from sophisticated tax avoidance strategies and investment advice. Democratizing access to this information could narrow the wealth gap by providing everyone with tools to maximize their financial potential.
  • Promoting saving and investment: Encouraging a culture of saving and investment among wider sections of the population can contribute to a more equitable distribution of wealth over time.

Challenges and Considerations

  • Access and adoption: While the app could be universally available, differences in access to technology and the internet, as well as varying levels of digital literacy, could affect its effectiveness. Each demographic version of this app would need to be tailored for that region’s particular rules, regulations and societal financial literacy.
  • Customization vs. Generalization: The advice provided would need to be highly personalized to be truly effective, taking into account each individual’s financial situation, goals, and risk tolerance – it would be important to make sure the individual themselves have access to their full picture.
  • Regulatory and ethical considerations: Providing financial, tax, and accounting advice through an app would require navigating a complex web of regulations and ensuring the advice is ethically sound and in the best interest of the user.

Potential Societal Changes

  • Shift in societal norms: Over time, widespread access to financial advice could shift societal norms regarding money management, investment, and financial planning, making these discussions more mainstream and less taboo.
  • Economic empowerment of historically disadvantaged groups: By providing historically underserved or disadvantaged groups with high-quality financial advice, the app could play a role in economic empowerment and help break cycles of poverty.

Closing thoughts,

An app providing instant access to personalised and advanced financial, tax, and accounting advice could be a revolutionary tool in the fight against wealth inequality. By empowering individuals with knowledge and tools previously available only to the wealthy, such technology could help level the economic playing field and raising awareness of prevailing government policy. However, its success would depend on widespread accessibility, level of personalisation, and the ability to effectively navigate regulatory landscapes.

Rethinking Compulsory Superannuation: A Closer Look at Australia’s Retirement Savings System

In Australia, the mandatory Superannuation system has been a cornerstone of retirement savings for decades. Introduced to ensure Australians have sufficient savings for their post-work years, this system requires employers to contribute a portion of an employee’s earnings into a superannuation fund.

However, there’s been an ongoing debate about the efficacy and fairness of this compulsory approach.

Is it time to rethink the mandatory nature of Superannuation?

The Case Against Mandatory Superannuation

1. Government Control Over Personal Savings:

  • A primary critique of the mandatory Superannuation system is the significant degree of government control it imposes. The system not only mandates that a portion of an individual’s salary must be saved for retirement, but also restricts when and how they can access these funds.
  • This raises critical questions about financial autonomy and personal freedom. Critics argue that individuals should have more control over their own money, without government-imposed restrictions on access and use.
  • The concern here extends to the broader implications of such control, potentially setting a precedent for governmental overreach into other personal financial matters.

2. Reduced Take-Home Pay:

  • Mandatory contributions to Superannuation effectively reduce an employee’s immediate take-home pay. This is especially challenging for lower-income earners who need immediate access to their earnings for daily expenses.
  • The debate centers around choice and financial control, questioning whether individuals should have more say in how and when they save for retirement.

3. Impact on Small Businesses:

  • The obligation for employers to contribute to Superannuation can be burdensome for small businesses. With the increase in the Superannuation Guarantee rate, small enterprises may face financial strain, impacting their growth and employment opportunities.
  • This aspect of the system may inadvertently hinder entrepreneurship and economic diversity within the Australian economy.

4. Investment Risk and Market Volatility:

  • Superannuation funds, being subject to market fluctuations, pose a risk to retirement savings, especially during economic downturns.
  • The mandatory nature of Superannuation means individuals have limited control over these investment risks, which directly affect their financial security in retirement.

5. Delayed Benefit and Inflexibility:

  • The Superannuation system locks away funds until retirement age, preventing younger individuals from accessing these savings for immediate needs like home ownership or education.
  • Critics advocate for a more flexible system, allowing for earlier use of funds in ways that can also contribute to long-term financial stability.

6. Inequity Issues:

  • The Superannuation system does not benefit all Australians equally. Women, particularly those with career gaps due to caregiving, and low-income earners, often end up with significantly less in their superannuation funds.
  • The rigid structure of the system fails to accommodate the diverse financial situations and needs of different groups, leading to disparities in retirement readiness and security.

The mandatory Superannuation system, while designed with the laudable goal of ensuring retirement savings, raises significant concerns about personal autonomy, financial control, and equity. The debate over its compulsory nature touches on the balance between government intervention for long-term financial security and the individual’s right to manage their own finances. As Australia continues to evaluate the effectiveness and fairness of this system, a shift towards greater flexibility and personal choice could better serve the diverse needs and circumstances of its citizens, fostering a more equitable and resilient economic future.

Most talked about trends in personal finance 2023

In 2023, the most talked there was plenty of conversation on the role of personal finance in our lives, and how the state of innovation in the space has created a healthier outlook.

  1. Economic Conditions and Recession: Predictions of a mild and short-lived recession were made, with a focus on preparing personal finances for upcoming economic changes​​.
  2. Social Media’s Role in Investment Decisions: Platforms like Reddit became increasingly influential in guiding investment decisions among retail investors, especially in small-cap growth stocks​​. nerdwallet
  3. Artificial Intelligence in Personal Finance: AI-powered tools and platforms began playing a more significant role in personal finance, offering enhanced data analysis, fraud prevention, and personalized financial advice​ RamseySolutions
  4. Integration of Familiar Tools in Finance: The use of familiar interfaces like Google Sheets for personal finance management gained more popularity. Tools like Tiller, which integrate bank accounts with Google Sheets, exemplified this trend Glimpse.
  5. Cryptocurrency Trends: The resurgence and growth of cryptocurrencies, particularly Bitcoin, marked a significant trend in the investment landscape HackerMoon
  6. Employee Financial Wellness Programs: More companies started to recognize the importance of their employees’ financial well-being, leading to the introduction of various financial wellness programs HBR

Bridging the Gap: Understanding Wealth Inequality in Western Soceity

Have you ever wondered why, in some of the world’s wealthiest nations, so many struggle to make ends meet? Wealth inequality in Western countries is not just a political catchphrase; it’s a reality that affects millions. But what is wealth inequality, and why does it matter?

The Current State of Wealth Inequality

Recent studies reveal a startling picture: the richest 1% in many Western countries hold more than 40% of the wealth. This gap has widened significantly in the past few decades, fueled by various economic and policy changes. For instance, while a CEO in the 1970s might have earned 30 times the salary of their average employee, today, that figure is closer to 300 times.

But numbers alone don’t tell the whole story. Consider Sarah, a single mother working two jobs in New York, barely making enough to cover rent and basic necessities. Contrast her life with that of a billionaire living just a few blocks away, and the stark reality of wealth inequality becomes evident. Or does it? Arguably this is the benefit of a capitalist society, where people of all wealth classes can live a few blocks away from one another – and not some dystopian castle.

Source: http://www.macrotrends.net (USA)

The Underlying Causes

So, what drives this growing divide? One key factor is wage stagnation; while living costs have soared, wages for the average worker have barely budged in real terms. Tax policies increasingly favor the wealthy, with loopholes and lower rates on investment income playing a significant role.

Globalization and technology have also reshaped the landscape. While they’ve brought benefits, they’ve also contributed to job displacement and a growing skills gap. Those without access to quality education find themselves at a severe disadvantage in the modern economy.

Why It Matters

Wealth inequality isn’t just a moral issue; it has tangible impacts on society’s fabric. It hampers social mobility, making the ‘rags to riches’ story more myth than reality. In a democracy, extreme wealth disparities can lead to disproportionate political influence for the rich, skewing policies in their favor.

Moreover, the psychological impact is profound. Studies show that societies with higher inequality experience higher rates of mental illness, lower life expectancy, and decreased levels of trust and community cooperation.

The Ripple Effects

The consequences extend into various societal realms. In healthcare, for example, the rich can afford cutting-edge treatments while the poor struggle to access basic services. Education, too, is impacted, with children from wealthy families having access to resources that others don’t, perpetuating a cycle of inequality.

Environmentally, wealth inequality contributes to unsustainable consumption patterns. The wealthy’s carbon footprint is vastly larger, yet the consequences are borne disproportionately by the poor.

Possible Solutions and Initiatives

Addressing this issue requires a multi-faceted approach. Progressive taxation, minimum wage adjustments, and reforms in inheritance laws are just the beginning. Education policies that ensure equal opportunities regardless of socio-economic background can help level the playing field.

Initiatives like universal basic income (UBI) trials in some countries have shown promise in reducing poverty and boosting local economies. Additionally, corporate responsibility programs that focus on fair wages and ethical practices contribute to a more equitable distribution of wealth.

Governments, NGOs, and even individual activists play a crucial role. For instance, some European countries have implemented wealth taxes and more stringent financial regulations to curb tax avoidance. These measures, though sometimes controversial, have begun to show positive effects in reducing wealth disparity.

Creating a society for the future

Wealth inequality in Western societies is a complex, multifaceted issue with far-reaching consequences. It’s a challenge that requires not just government intervention, but a shift in how we, as a society, view and handle wealth.

As we ponder on the future we wish to create, it’s worth asking ourselves: what kind of world do we want to live in? One where wealth is hoarded by a few, or a society where prosperity is a shared experience? The actions we take today will shape the answer for generations to come.