The legal services industry is a trillion-dollar-a-year market that remains almost entirely manual and fragmented, with software making up only about 4% of spend against 96% for human services.

33:45you know, when you do the series A, they're going to ask that like some of this stuff be reviewed. like, "Do you guys have like IP assignments?" They're like, "Yeah." I'm like, "How did you know to do IP assignments?" First- time founders are like, "We asked chat GPT." And I'm like, "Okay, wow. I just turned into unk like I guess." Yeah. [snorts] So, so take us through what you you

34:05think is happening out there. This is not uncommon, right? What I scenario >> but but a a seedstage startup operates very differently from, you know, one of the biggest banks in the US. And so the way to think about the market or at least the way that we like to is you have this enormous bucket of legal services which today is being done manually. It's a trillion dollars every

34:27year into legal services which is very fragmented. >> But the software spend into legal technology is about 40 billion. So it means there's 4% software 96% service which is bananas. The software piece should be much bigger than that. And [snorts] so the software piece naturally will grow into um the service revenue but also legal is a very supply constrained market. The demand for legal services is much larger than what there

34:59are lawyers or legal services available. And so many of the legal service providers are now using technology to serve new use cases, new market segments and to actually package new products and you will not make >> what's an example of that like >> so so an example of that is Kulie actually they started serving startup founders directly with a sort of software uh platform that you just log

35:27onto the platform they pumped it full with their material and their precedent and then you have the startup material there and they've embedded workflows that reviews the contracts. >> Um, and what I think is interesting by that is it it starts to um break this model where you charge out associates for very high hourly rates and you have a billable hour model. And actually, if you look in law firms, the way that that

35:54business model works is you overcharge for the associates and you actually undercharge for the partners. I don't know if they're under charge. I mean, I got a bill recently and it was 1,800 an hour, right? But >> for a senior person, I think the associates were 800. >> Well, you know, at Kirkland, it can go up to 4,000 an hour. But the but the thing is when a when a Kirkland if so,