Earlier this year, the U.S. Treasury Department (Treasury) unveiled proposed regulations that seek to interpret the broker reporting rules for digital assets, a crucial part of the 2021 Infrastructure Investment and Jobs Act (the Infrastructure Act). The proposed regulations were introduced on Friday, August 25, 2023 – a noteworthy step in the evolving field of…
The Consumer Financial Protection Bureau (CFPB) disclosed on August 17, 2023, that it has executed consent orders against a residential mortgage loan originator that offered illicit benefits to real estate brokers and agents for mortgage loan recommendations. Furthermore, the CFPB also acted against a real estate brokerage firm in receipt of these kickbacks from the…
The Ohio Auditor of State (“AOS”) has recently issued new guidance tackling the prohibition detailed in the Ohio Revised Code 9.03, which outlaws the use of public funds in favor of levies and bond issues. The revised guidelines comprise answers to frequent queries, illustrations of potential scenarios, and commentary on best practices, drawing a broader…
On July 26, 2023, the Securities and Exchange Commission (the “SEC“) unveiled new regulations mandating public companies and foreign private issuers to divulge key cybersecurity incidents within four business days from when the incident was first detected. Moreover, these entities will be required by law to share specifics regarding their approaches to managing cybersecurity risks,…
On August 23, 2023, the US Securities and Exchange Commission (SEC) made significant advances in the regulatory landscape with a 3 – 2 vote, approving the adoption of new rules applicable to advisers of private funds. Referred to officially as the Private Fund Adviser Rules, these modifications are projected to require substantial revisions to existing…
Blockchain technology continues to permeate various sectors, despite Bitcoin’s market cap falling from approximately $919 billion in December 2021 to around $550 billion at present, according to Davis Wright Tremaine LLP. Despite the tumultuous changes and unpredictability, several companies persist in leveraging blockchain to innovate and address longstanding challenges. Here are some of the notable…
The advent of ChatGPT last year and subsequent acceleration of generative AI technologies have encompassed the legal departments of corporations worldwide. In-house lawyers have found themselves challenged with the task of devising appropriate governance for the use of this new tech, with primary concerns centered around the protection of confidential business and customer data, and…
The potential of generative artificial intelligence (AI) to reshape the business landscape is becoming more pronounced, as growing numbers of companies look to harness its capabilities. In comparison with many other recent tech revolution, the transformative impact generative AI could have mirrors the sweeping changes brought about by the onset of the internet era. In…
The New York State Commission on Judicial Conduct has issued a recommended censure for Darien Town Justice Jennifer R. Nunnery due to comments she made on Facebook between December 2020 to April 2021. These comments, which have been deemed inappropriate, landed her into a judicial ethics investigation. Justice Nunnery’s comments were indicative of less than…
The accelerating integration of artificial intelligence (AI) in various sectors is not only spurring novel types of mergers and acquisitions (M&As), but it is also drastically altering the existing methodologies firms employ to orchestrate these transactions. Increasingly, AI is penetrating aspects of M&A practices traditionally helmed by humans, including tasks such as due diligence and…
As we move deeper into the latter half of 2023, several large law firms are cautiously planning a full return to office-based work. However, a number of West Coast firms, in particular, have identified the preference for hybrid work models among their staff and are embracing the change. This new paradigm shift is not without…
In a recent employee discrimination case, AutoNation’s protocol for utilizing electronic signatures on employment documents came under fire. The Fourteenth Court of Appeals determined that insufficient practices were in place, warranting an evidentiary hearing. The ruling demands a reassessment of how the company now needs to determine if their employee purposefully signed an arbitration agreement….
The legal landscape’s rapid evolution has placed technology at the forefront of legal practice, transforming it from a mere convenience into a strategic necessity. This transition necessitates a change in how law firms approach and prioritize technology, thereby shifting the perception of legal technology or ‘legal tech’. According to a recent article, taking strategic steps…
As of August 11, 2023, the Equal Employment Opportunity Commission (EEOC) has proposed regulations under a new federal legislation, the Pregnant Workers Fairness Act (PWFA). This comes after the PWFA was enacted on June 27, 2023. The PWFA, which marks a key milestone in US labor law, necessitates that employers with a minimum of 15…
As healthcare continues to evolve in response to technological advancements and ongoing global health crises, a focus on remote patient care has risen to the forefront. A considerable development came from the Centers for Medicare & Medicaid Services (CMS) on July 13. The CMS released its annual Proposed Rule that updates the Medicare Physician Fee…
Requests for the adoption of Generative Artificial Intelligence (GenAI) tools continue to surge within numerous organizations across the world. These compelling technological developments, such as ChatGPT, presents a potential game-changer in how corporations and law firms conduct their business operations. Uniquely designed to brainstorm ideas and generate content quickly, GenAI tools could play an integral…
In an effort to enhance transparency within the financial realm, the Securities and Exchange Commission (SEC) proposed both new and amended rules under the Investment Advisers Act of 1940 pertaining to private funds, their advisers, and investor transparency earlier this summer. One of the most notable developments in this legislative journey was the adoption of…
The legal field is not immune to the overwhelming influence of technology. In particular, artificial intelligence (AI) is causing quite a stir. Indeed, legal organizations are seemingly eager to implement AI in their work, despite a lack of fundamental understanding of the technology’s capabilities. This phenomenon was noted during the International Legal Technology Association’s 2023…
Children are expensive. Moreover, expenses could mount dramatically when the parent-to-be needs to resort to surrogacy due to reasons like a medical condition or having a partner lacking the complementary reproductive capability. The cost of surrogacy could be especially heavy due to a rising phenomenon: Surrogacy insurance liens. The American medical insurance system is especially…
An international survey conducted by LexisNexis reveals that almost half of legal professionals and consumers see generative AI significantly impacting the practice of law. The study comprised of 7,950 participants including lawyers, law students and consumers from the US, UK, Canada, and France. Their inputs provided a better understanding of their awareness of generative AI…
The annual gatherings of the International Legal Technology Association (ILTACON) have seen a gradual shift in attitude towards artificial intelligence (AI). Where once this technology was viewed with a degree of skepticism, it is now recognized by many as a tool with the potential to change legal industry practices. Nonetheless, AI is not expected to…
Relativity, the prominent e-discovery company, recently announced the launch of its latest innovation, Relativity Contracts. Unveiled at ILTACON in Orlando, this tool is specifically designed for contract analysis and due diligence review, fully integrated within RelativityOne, the company’s touted cloud platform. The introduction of Relativity Contracts aims to redefine how companies handle their agreements. According…
A recent survey exploring trends in litigation and e-discovery has found that 40% of legal professionals are either currently employing generative AI tools in their practice or planning to do so. The 2023 Ediscovery Innovation Report, a collaboration between Everlaw, the Association of Certified E-Discovery Specialists (ACEDS) and the International Legal Technology Association (ILTA), collected…
A forthcoming two-day conference devoted to knowledge management and innovation within the legal profession is set to debut in October in New York City. The event is spearheaded by Patrick DiDomenico, better known as the president and founder of InspireKM Consulting and former head of innovation and knowledge management at multiple law firms, and Joshua…
In the rapidly modernizing world of law, firms are increasingly integrating Artificial Intelligence (AI) in their daily operations. Notably, the United Kingdom’s legal landscape is seeing widespread adaptation of Generative AI products across different law firms. As per Law.com, some of the popular AI products being employed by legal firms include Harvey, ChatGPT, Lexis AI,…