Harneys, a globally acknowledged offshore law firm, has entered into concrete agreements to dispose of its fiduciary business in an operation supported by Hillhouse, a worldwide private equity firm. The sale, the precise details of which remain confidential, is anticipated to endow Harneys with the capital necessary to stimulate the law firm’s strategic growth. The…
In recent developments across the legal industry, various Am Law 200 firms have ceased utilization of ChatGPT and generative AI for client services due to potential vulnerability such as data breaches and computational hiccups colloquially known as ‘hallucinations’. However, these setbacks are far from spelling the end of AI use in the legal sector. Contrarily,…
The long-standing Philadelphia law firm, Schnader Harrison Segal & Lewis, is set to cease operations after almost 90 years. The firm’s litigation partner and generan counsel, Keith Whitson, has confirmed that a dissolution plan is being organized in collaboration with the firm’s stakeholders and bank. The exact timeline for voting and finalizing this plan remains…
Timely regulatory interventions continue to shape our legal landscapes, and one such recent development comes in the field of I-9 Employment Verification. On July 21, 2023, the Department of Homeland Security (DHS) announced the institution of a new final rule which provides employers a remote option for inspecting employee documents in compliance with I-9 employment…
In August 2023’s edition of the Probate & Fiduciary Litigation Newsletter, a highlighted case presents a noteworthy argument about the jurisdiction of the Massachusetts Land Court. The case in question is DiNicola v. Ely, et al., No. 23 MISC 000128 (2023). At the heart of the legal issue stands a family trust that holds record…
The U.S. sanctions landscape continues to transmute in response to geopolitical changes, economic policy considerations, and global security issues. Keeping track of these alterations is crucial for multinational companies and law firms to ensure compliance and prevent any potential legal pitfalls. One resource for such updates is the quarterly trade compliance report which is sent…
In a significant regulatory shift, the Securities and Exchange Commission (“SEC”) has initiated new cybersecurity rules that were instated on July 26, 2023. The regulations are primarily aimed at enabling investors to have a clearer understanding of the cybersecurity risks associated with public companies. One of the key stipulations includes the liability on the part…
In a recent development, a New York federal judge dismissed a suit against law firm Paul Hastings LLP, simultaneously levying sanctions on the U.S.-based Chinese nationals responsible for launching the accusation. Those involved had alleged that Paul Hastings failed to register as an agent on behalf of the People’s Republic of China or the Chinese…
In a recent development, the US Court of Appeals for the Ninth Circuit addressed contributory trademark infringement for the first time, determining that specific knowledge is needed for liability to be assumed. The case in question is Y.Y.G.M. SA, DBA Brandy Melville v. Redbubble, Inc., Case Nos. 21-56150; -56236 (9th Cir. July 24, 2023), presided…
As discussions unfold around the professional history of Special Counsel Jack Smith and his legal team, one cannot overlook their impressive backgrounds. Known for his long-standing career as a federal prosecutor, Smith is currently leading the two indictments against former president Donald Trump. However, alongside Smith is an equally well-equipped team whose many members have…
On July 27, 2023, the U.S. Environmental Protection Agency (EPA) released its anticipated Semiannual Regulatory Agenda. This bi-annual disclosure is designed to provide the public with a comprehensive understanding of the agency’s plans to review, propose, and implement regulations in the forthcoming months. Here’s where you can find more detailed information. Significant among the agenda…
In a move to encourage more build-to-rent (BTR) projects, the Australian Government has laid out plans to eliminate some prevalent income tax barriers, an issue thoroughly discussed in Part 1 of our BTR series. The proposed revisions aim to assist those engaged in BTR projects, significantly streamlining the processes involved. As detailed in Part 2…
In the ever-evolving landscape of corporate law, legal professionals across the globe have been keeping a keen eye on the progression of the Edinburgh reforms. Announced in December 2022, the reforms have proceeded at a significant pace, particularly in the period before the summer break. The increasing velocity of the reforms’ progress warrants an up-to-date…
The recent ruling by the U.S. Court of Appeals for the Federal Circuit in the case of HIP v. Hormel has laid down substantial insights into the domain of joint inventorship. In its decision, the court found that David Howard of HIP was not considered as a joint inventor of a Hormel patent. This case…
In the digital transformation era, social media has become an indispensable tool in the way businesses communicate with their audience. From small town startups to large law corporations, social media platforms offer an array of communication avenues that have revolutionized client-lawyer relations. One particular area where this trend has had a significant impact is the…
As we navigate the summer months, law firms are often presented with an opportunity to focus on the adoption of Customer Relationship Management (CRM) measures, a time when the workload might be a little lighter and employees have more downtime. This assumption, as expressed by experts like Chris Fritsch from CLIENTSFirst Consulting, emphasizes that the…
The case of FS.COM INC. v. International Trade Commission, with Corning Optical Communications LLC intervening, continues to reshape our understanding of patent validity in the context of import regulations. In case proceedings dated April 20, 2023, the overarching discourse returns to two vital aspects of patent law: enablement and claim construction. A full explanation of…
In the continually evolving arena of patent law, the third week of July 2023 has seen pivotal advancement in patent cases adjudicated by the Federal Circuit. One such central case involved the United Therapeutics Corp. and Liquidia Technologies, Inc. (Nos. 2022-2217, 2023-1021, Fed. Cir. (D. Del.) July 24, 2023). The case merits attention due to…
On July 31, the Board of Governors of the Federal Reserve System (the Federal Reserve) issued its July Senior Loan Officer Opinion Survey on Bank Lending Practices. The survey addressed changing variations in the standards, terms, and demands for bank loans catering to businesses and households in the second quarter of 2023. According to the…
In a recent development from the legal sector, the Appellate Court of Maryland has held that the “Loss Before Foreclosure Rule” should be applied to nonrecourse reserve mortgages. For legal professionals working in the property industry, this ruling can impact the application of relevant loan and property regulations. The “Loss before foreclosure rule,” as expressed…
As the legal landscape around environmental concerns continues to evolve, California is poised to establish some of the most stringent Environmental, Social, and Governance (ESG) disclosure requirements in the United States, even overtaking the current proposed rules by the U.S. Securities and Exchange Commission (SEC). This comes with the introduction and subsequent amendment of the…
Commercial entities and law firms with a stake in environmental regulations should pay close attention to ongoing legislative developments. The first half of 2023 has seen numerous states in the United States continue to build out a regulatory structure around carbon sequestration, largely motivated by the desire to attract and support industries engaged in carbon…
As the globe continues to navigate an uncertain economic landscape, with challenges such as climbing interest rates, inflation and the looming threat of a potential recession, the Mergers and Acquisitions (M&A) activity landscape is also adjusting. Industry experts suggest that the future may include an increased prevalence of transactions involving distressed targets, particularly within the…
Single-employer defined benefit pension plans currently adopting the “alternative method” for ascertaining the Pension Benefit Guaranty Corporation (PBGC) premiums have an opportunity to take steps that may notably decrease their PBGC premiums for the year 2023. The window for this action is limited and requires action before the due date for PBGC premiums for the…
Troutman Pepper, a leading law firm with a deep focus on Consumer Finance Services, recently released their Weekly Consumer Financial Services Newsletter for August 2023. The firm continues its tradition of providing updated insights on proceedings impacting the Consumer Finance Services industry at both federal and state levels. In their most recent newsletter, Troutman Pepper…