According to Butler (2014), editor of the Macquarie dictionary, ‘all right’ is in the flux of change to ‘alright’, making it similar to already, also and always. Butler suggests that in the future ‘all right’ will be used to mean ‘all are correct’, like ‘already’ means ‘all are prepared’. In contrast, ‘alright’ will be used to mean ‘all are comfortable or well’, like ‘already’ means ‘by this time’.
The ladies are alright = The ladies are all comfortable, well or happy.
The ladies are all right = The ladies are all correct.
Butler, S. (2014). The Aitch Factor. Macmillian Australia Pty Ltd: Sydney.