Earlier this month, a teardown of the Google Phone app hinted at the addition of a call recording support in the future. Now, a new feature is likely coming to the Phone app which will allow you to transcribe calls in addition to recording them.
Those capabilities have been spotted in an APK teardown performed by the folks at 9to5Google. The Phone app's version 44 contains code that indicates the existence of a call recording feature and how to legally implement it since this action is not allowed in some states in the U.S. Additionally, another string of code shows a call transcription capability, a feature that's already present in Google's Recorder app. However, that is only compatible with the Pixel phones.
In order to avoid legal troubles, version 44 of the Phone app includes a disclaimer telling users that they "are responsible for complying with applicable laws related to the recording of calls." The disclaimer further notes that some "jurisdictions require the consent of both parties for such recording". Then, a voice prompt will announce whether a call recording has started and ended in order to inform both parties about it. That said, there's no guarantee that those capabilities will be coming to a future version of the Phone app.