The legal industry has been experiencing a wave of innovation as it increasingly embraces the possibilities of Artificial Intelligence (AI) in its core operations. Many new software applications now make use of AI, with a majority of them benefitting from OpenAI’s advanced large language model (LLM). Hosting 100s, possibly even 1000s, of these applications, the…
In the modern era of law, bolstering our systems with artificial intelligence (AI) is not only a necessity for efficiency but also a collaborative effort towards more robust, reliable, and professional-grade solutions. The journey of a legally-focused AI tool like CoCounsel, which recently celebrated its half-birthday, exemplifies this well. Throughout these initial months, CoCounsel’s development…
The concept of ‘Precruiting’ – an early recruitment process where law firms target students who are in their initial year at law school – has been a topic of hot debate in the legal fraternity over the past few years. Recent insights indicate that some top-tier law schools are starting to shift their stance on…
In recent years, the Federal Circuit has faced novel challenges in understanding and interpreting patent laws. An interesting situation has risen from a decision of a case involving wireless charging through skin for implanted medical devices. According to JDSupra’s depiction of the case, the Federal Circuit highlighted the Patent Trial and Appeal Board’s (PTAB) adoption…
Efficient execution of cross-border transactions is a multi-layered challenge that requires experience, pragmatism, and a specific skill set. Such deal-making often spans across countries, involving venture capitalists, private equity investors, and multinational corporations in varying capacities. Understanding the intricacies involved in this process and the steps to take when approaching such a task is of…
Artificial Intelligence (AI) technology has seen rapid advancements and widespread integration into diverse sectors, including the legal profession. For close to a year, we’ve been transitioning into an era characterized by ChatGPT, a technology that employs AI for an improved communication experience. The application of ChatGPT has sparked changes within the legal system, inspiring inquiries…
On August 23, 2023, the Securities and Exchange Commission (the “SEC”) announced the adoption of new rules and rule amendments under the Investment Advisers Act of 1940. These changes, which will significantly impact how advisers to private funds operate, apply not just to registered advisers, but also to exempt reporting advisers and those not registered…
In legal discourse, one aspect which must be prioritized in today’s COVID-19 era, is the question of custody rights and what remedies are accessible. With the pandemic throttling the Pennsylvania judicial system, a significant drop in the dispensation of legal cases have occurred in comparison to the Superior Court’s pre-COVID-19 paced dispatching of 7,500-8,000 filings…
The Consumer Financial Protection Bureau (CFPB) has recently published an issue spotlight on the assessment of tap-to-pay technology, in the context of contactless point-of-sale (POS) purchases on mobile devices. The review expounds on the significant roles that mobile device operating systems have, via tap-to-pay technology, in an open banking ecosystem. This insightful directive delineates the…
Earlier this week, Bloomberg Information Services Limited (“BISL”) indicated in a statement an intent to halt publishing the Bloomberg Short-Term Bank Yield Index (“BSBY”). This proposition has come as a result of an assessment of commercial opportunities for BSBY. Produced as an alternative choice to the secured overnight financing rate (“SOFR”), BSBY had been widely…
AI and legal matters continue to tightly intertwine as evident from this week’s developments. Of particular interest are DLA Piper’s client coaching and Microsoft’s stance on potential copyright lawsuits. DLA Piper has been assisting their client, Sam Altman of OpenAI, with insights on how to properly engage with Congress and other legislative players; a collaboration…
In the last half-year, a surge of activity has been observed within the realm of electric vehicle (EV) charging, a wave of change spurred by the implementation of electric vehicle deployment plans going into effect under the Bipartisan Infrastructure Law’s (BIL’s) NEVI Program across the states. As reported by Foley Hoag LLP, a legal firm…
Bermuda is potentially set for a significant shift in its corporate income tax landscape, as the jurisdiction contemplates the adoption of a novel corporate income tax structure by January 1, 2025 or later. This change is spurred by the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) Pillar II global…
On September 11, 2023, the SEC (Securities and Exchange Commission) disclosed the settlement of Administrative Proceedings against nine investment advisers. The proceedings refer to their practices of advertising hypothetical performance data without the necessary adoption or implementation of policies and procedures as prescribed by the Marketing Rule. Moreover, a couple of them did not keep…
The evolving technology landscape has been significantly impacting the legal profession, with artificial intelligence (AI) being one of the most discussed alterations. However, its adoption in certain branches of law, specifically personal injury law, has received a mixed response. In a recent feature by the New Jersey Law Journal, personal injury lawyer Nicholas Leonardis provided…
The role of blockchain technology in mergers and acquisitions (M&A) continues to evolve as more industries harness distributed ledger technology (DLT) in their operations. Initial scepticism surrounding blockchain’s transformative potential, particularly regarding the challenging issues within the cryptocurrency sector, appears to be retreating. Expert voices argue for a more nuanced understanding of blockchain’s role in…
In a step forward for international arbitration, the United Nations Commission on International Trade Law (UNCITRAL) adopted a Code of Conduct for Arbitrators in International Investment Dispute Resolution on 21 July 2023, during its 56th annual session in Vienna. The adoption of this Code signals a refinement in practice and approach for international arbitrators. Notably,…
As we move further into the digital age, the intersection of health care and technology has never been more prominent or significant. Legal professionals around the globe need to stay informed of the changing landscape in digital health law to best serve their clients and ensure compliance. In line with this, the summer 2023 update…
The U.K. Financial Conduct Authority (FCA) is undergoing a review of procedures and policies concerning the treatment of Politically Exposed Persons (PEPs) within regulated financial services firms. This review emerges from an obligation under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations, urging these firms to conduct enhanced due…
In the last couple of years, a shift has been observed in the strategy of multiple real estate investment trusts (REITs), as shown by filings made with the Securities and Exchange Commission. They have been increasingly adopting a Delaware Statutory Trust (DST) program. This tends to include a conversion feature, in which initial investors in…
Payment processors and decentralized finance (DeFi) platforms are set to face fresh regulations with the recent notice issued by the Department of the Treasury and the Internal Revenue Service (IRS). The proposed 282 page rulemaking notice discusses novel regulations for digital assets and broker reporting. The move comes nearly two years following the adoption of…
Welcome to the September 2023 edition of ‘The On-Ramp’, a newsletter dedicated to exploring the legal and policy developments in the world of autonomous vehicles, smart infrastructure, emerging mobility technologies, and electrification. This newsletter, curated by Venable’s Autonomous and Connected Mobility team, keeps a keen eye on the latest happenings around these topics, from the…
In a noteworthy development in US financial regulation, the Securities and Exchange Commission (SEC) has adopted a scaled-back version of the Private Fund Rules. This comes as part 2 of the analysis presented by Paul Hastings’ Investment Funds and Private Capital team. Their detailed review can be found here. This recent adoption of the modified…
In the evolving landscape of digital transactions, the U.S. payments system saw a significant development in July 2023 with the launch of the Federal Reserve’s instant payments system, FedNow. Considerations around its design features, pricing schedule, and potential for broader use within the financial community, particularly community banks, have been brought into focus since. These…
In a major development within the healthcare sector, the Biden administration proposes a set of new staffing standards for nursing homes across the United States. Not only does the proposed rule plan to implement a minimum staffing “floor”, but it also initiates a nursing home accountability initiative. Long-term care facilities, a sector already wrestling with…