On Abovethelaw.com, lawyer-journalist Kathryn Rubino puts out there a quiz question: What is the oldest Wall Street law firm.
The answer turns out to be Cadwalader, Wikersham & Taft. It had been started in 1792.
That's kind of a quaint question.
The reality is that the physical entity we have known as "Wall Street" probably won't be in existence long. That phrase will come to designate financial functions. And the clients "Wall Street law firms" will increasingly represent will be robots. The human component is being squeezed out of Wall Street. Manpower is too expensive and commits errors.
JPMorgan already has COIN to replace traditional loan officers (as well as lawyers.) Steve Cohen's Point72 Asset Management is focusing on automating the best decision-making for investing. Millennials are opting for their financial planner to be a robot.
Robots need lawyers. Lots of them since they involve many possible defendants. Those range from software developers to the Don Draper types who do the copywriting for the investment vehicle.
Rubino's next question should be: In litigation involving robots what could be the least number of defendants and the upper limit?
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