Expert Analysis

• Alleged $636M Deal Error Shows Value Of Old-School Methods

  

  Though Proskauer Rose has now settled claims involving a copy-paste error in deal documents that could have resulted in $636 million in damages, the debacle reminds attorneys that classic revision methods using paper copies can help avoid drafting errors and actually save time in the long run, says Richard Leisner at Trenam.

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  ESG Around The World: European Union

  

  As the EU makes ESG regulation a priority, companies — both those based in the EU and others just doing business there — need to keep abreast of myriad new legislation that has either already taken effect or will in the near future, as noncompliance could result in fines, damages and director liability, say attorneys at Steptoe & Johnson.

• Avoiding The Ethical Pitfalls Of Crowdfunded Legal Fees

  

  The crowdfunding of legal fees has become increasingly common, providing a new way for people to afford legal services, but attorneys who accept crowdsourced funds must remember several key ethical obligations to mitigate their risks, say Hilary Gerzhoy and Julienne Pasichow at HWG.

• Tornado Cash Saga Presents Thorny Issues For Fintechs

  

  A recent Texas federal court ruling and a U.S. Department of Justice indictment concerning the cryptocurrency mixer service Tornado Cash raise novel and important issues regarding smart contracts that could complicate the development and nature of decentralized crypto projects, as well as the future of fintech business models, say attorneys at Venable.

• 2 Cases May Expand CFPB's Reach On Deceptive Practices

  

  In two separate cases, the Consumer Financial Protection Bureau is asserting a broad interpretation of who is subject to the Consumer Financial Protection Act's prohibition on unfair, deceptive, or abusive acts and practices, raising questions about what an expansion of its authority might mean for consumer credit markets, say John Coleman and Leslie Meredith at Orrick.

• 10th Circ. ERISA Ruling Is Promising For Self-Funded Plans

  

  Though some recent appellate decisions have seemingly narrowed application of Employee Retirement Income Security Act preemption, which generally helps protect self-funded health plans from state regulation, the Tenth Circuit's decision in PCMA v. Mulready takes a big step toward reaffirming preemption, say attorneys at Bass Berry.

• What Large Language Models Mean For Document Review

  

  Courts often subject parties using technology assisted review to greater scrutiny than parties conducting linear, manual document review, so parties using large language models for document review should expect even more attention, along with a corresponding need for quality control and validation, say attorneys at Sidley.

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  Participating In Living History Makes Me A Better Lawyer

  

  My role as a baron in a living history group, and my work as volunteer corporate counsel for a book series fan association, has provided me several opportunities to practice in unexpected areas of law — opening doors to experiences that have nurtured invaluable personal and professional skills, says Matthew Parker at the Nebraska Department of Health and Human Services.

• Opinion

  Private Equity Owners Can Remedy Law Firms' Agency Issues

  

  Nonlawyer, private-equity ownership of law firms can benefit shareholders and others vulnerable to governance issues such as disparate interests, and can in turn help resolve agency problems, says Michael Di Gennaro at The Law Practice Exchange.

• Mass. Robinhood Ruling Will Affect Broker-Dealers Nationwide

  

  Following the Massachusetts Supreme Judicial Court's recent ruling in Robinhood v. Galvin, which upheld the state's rule imposing a fiduciary duty standard on broker-dealers, the Massachusetts Securities Division will likely target in-state and out-of-state firms under the rule, say attorneys at Mintz.

• How To Protect Atty-Client Privilege While Using Generative AI

  

  When using generative artificial intelligence tools, attorneys should consider several safeguards to avoid breaches or complications in attorney-client privilege, say Antonious Sadek and Christopher Campbell at DLA Piper.

• How New Lawyers Can Leverage Feedback For Growth

  

  Embracing constructive criticism as a tool for success can help new lawyers accelerate their professional growth and law firms build a culture of continuous improvement, says Katie Aldrich at Fringe Professional Development.

• A Cautionary Tale Of Flawed Debt Accounting And SEC Fines

  

  The U.S. Securities and Exchange Commission's recent improper-accounting charges against Malvern Bancorp and its ex-CFO highlight crucial practice issues, including the need to objectively evaluate borrowers' credit, say attorneys at Arnold & Porter.

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  ESG Around The World: Australia

  

  Clive Cachia and Cathy Ma at K&L Gates detail ESG-reporting policies in Australia and explain how the country is starting to introduce mandatory requirements as ESG performance is increasingly seen as a key investment and corporate differentiator in the fight for global capital.

• Private Fund Advisers Should Prep Now For New SEC Rules

  

  The U.S. Securities and Exchange Commission's final private fund adviser rules place significant burdens on this group, and despite both modifications to the initial ruleset and litigation challenges, advisers should begin developing practices that could comply with these regulations should any of them take effect, say attorneys at Simpson Thacher.