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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    Patrick McKenzie‏ @patio11 29 Dec 2017
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    A great turn of phrase whose origin I can’t remember: “high frequency lawyering.” Every bespoke contract is a huge, huge transaction cost. Once they’re replaced with standardized interfaces (which may be contracts), that enables you to treat the underlying as a primitive.

    9:37 PM - 29 Dec 2017
    • 15 Retweets
    • 85 Likes
    • Down With Capitalism Jabari Diego Henrique Jon Roelofs Michel Teivel kccqzy dan Adrian Ulloa Sean Horn
    5 replies 15 retweets 85 likes
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      2. Patrick McKenzie‏ @patio11 29 Dec 2017
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        This allows, for example, mortgage securitization — the most complex transaction an average family will ever engage in is, if within norms, simple enough to model as an atom and build on top of.

        2 replies 2 retweets 17 likes
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      3. Patrick McKenzie‏ @patio11 29 Dec 2017
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        (Mortgage securitization gets a bum rap.)

        2 replies 1 retweet 10 likes
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      4. Patrick McKenzie‏ @patio11 29 Dec 2017
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        There are a number of companies doing high frequency lawyering if you squint at them, often successfully hidden as an implementation detail. @AngelList is particularly impressive with regards to this; they’ve all but automated spinning up funds, which is Very Nontrivial (TM).

        3 replies 6 retweets 41 likes
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      5. End of conversation
      1. ows‏ @osteele 30 Dec 2017
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        Replying to @patio11

        It’s not until terms are realized as relatively unambiguous (legal) language that lack of agreement becomes evident, so it looks like you're paying for lawyer-as-implementor or lawyer-as-translator. It's actually lawyer-as-advisor, or lawyer-as-negotiator, or lawyer-as-therapist.

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      1. ows‏ @osteele 30 Dec 2017
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        Replying to @patio11

        My experience as a consumer of legal services is that when your terms are standard, your lawyer(‘s paralegal) cheaply customizes boilerplate. If your counterparty provides the document and their lawyer is in the same community, your lawyer easily recognizes the boilerplate.

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      1. Frederic M.‏ @TeatimeXOk 31 Dec 2017
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        Replying to @patio11

        Nice term "high freq lawyering". Isn't this what ethereum is trying to achieve in a sense?

        0 replies 1 retweet 1 like
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      1. ows‏ @osteele 30 Dec 2017
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        Replying to @patio11

        Exceptions that use the escape hatch of full expensive legal services are when a party or lawyer is grabby or amateur, or when the difficulty is in negotiating the terms, not in rendering those terms into legal documents.

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