Paul Weiss Assessing Value of AI — Just Not on Bottom Line |
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While many in the legal world agree that generative artificial intelligence will transform how lawyers work, firms are still figuring out what the return on investment will look like. As firms explore a panoply of AI-powered legal tech products, Bloomberg Law reporter Isabel Gottlieb zeroed in on Paul Weiss’ efforts. Grading Harvey: The Wall Street firm has spent nearly a year and a half testing an OpenAI-affiliated legal assistant tool known as Harvey. It isn’t using hard metrics to evaluate Harvey’s performance — the importance of reviewing and verifying the accuracy of its output makes any efficiency gains difficult to measure. Instead, Paul Weiss is considering a more subjective measure: how much lawyers like using it. Isabel spoke with members of Paul Weiss’ innovation team to see how they are navigating the ups and downs of testing Harvey and other generative AI platforms, including performance in the areas of creativity, hallucinations, and client confidentiality. Read More |
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Perkins Coie is launching an office in London with a six-lawyer team looking to bring the Seattle-founded firm’s tech start-up prowess to Europe’s most important legal market. Read More |
Recent litigation involving Dell Technologies Inc. and Tesla Inc. has raised a hotly-debated question in Delaware—how much should plaintiffs’ attorneys get paid? Read More |
Dechert meetings with the FBI have opened a new path for a Missouri aviation executive to attack the law firm for allegedly taking part in a hacking scheme against him. Read More |
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Website development company Squarespace’s move to go private through a $6.6 billion cash buyout by private equity shop Permira features lawyers from six different firms. Read More |
The Treasury Department and the Securities and Exchange Commission proposed new rules that aim to keep investment funds from being used to launder money or fund terrorist activity. Read More |
The Supreme Court declined to weigh in on a key element of the bankruptcy strategy that some companies use to shield themselves from liability. Read More |
Deep Dive US District Judge Patrick Schiltz has pushed the emergency button summoning more security to his Minnesota courtroom twice in recent months after defendants’ family members became unruly during sentencing hearings. Read More |
Michael Cohen directly connected Donald Trump to the hush-money payment to adult-film actress Stormy Daniels to keep their alleged sexual encounter out of the news ahead of the 2016 election. Read More |
Deep Dive Weiss filed for bankruptcy last month, a rare occurrence for a hedge fund. It marked the culmination of a series of missteps, including paying executives six-figure bonuses while on the brink of insolvency. Read More |
OpenAI is launching a faster and cheaper version of the artificial intelligence model that underpins its chatbot, ChatGPT, as the startup works to hold on to its lead in an increasingly crowded market. Read More |
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- Former Big Law partner Eric Lenzen, who worked stints at Husch Blackwell and then Dykema Gossett, has agreed to plead guilty on tax-related charges and “may be heading to federal prison” as a result. (Milwaukee Journal-Sentinel)
- The Italian firm that has functioned as Shearman & Sterling’s affiliate in the country since 2021 — Studio Legale Associato Shearman & Sterling —has been “dismantled” as a result of Shearman’s combination with Allen & Overy to create the new A&O Shearman. (Law.com)
- A live TV broadcast inside the headquarters of Tunisia’s bar association captured “dramatic scenes” when masked men entered to arrest lawyer Sonia Dahmani over remarks critical of the government’s migrant policy. (BBC)
Read these and other legal industry stories in today’s Wake Up Call. Read More |
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Marcia Fudge, former secretary of the Department of Housing and Urban Development under President Biden, has joined Taft as partner and firmwide chair of public policy, the law firm said Monday. Read More |
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Damon Pitt has joined Venable LLP as a partner in the commercial litigation practice in the Los Angeles office, the firm said Monday. Read More |
Rebecca Matthews has joined Frost Brown Todd as partner in its bankruptcy and restructuring practice group in Dallas, the firm said Monday. Read More |
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Jeff Morton has joined Haynes and Boone LLP as a partner in the firm’s intellectual property practice group in Orange County, Calif., according to an announcement Monday. Read More |
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Paul, Weiss, Rifkind, Wharton & Garrison welcomed Kirkland & Ellis M&A partner Chelsea Darnell to its corporate team in New York City, the firm announced Monday. Read More |
J-M Manufacturing Co. says Simmons Hanly Conroy LLP, a plaintiffs’ firm specializing in mesothelioma and asbestos cases, has engaged in a pattern of unlawful and fraudulent litigation tactics in hundreds of lawsuits against the company. Read More |
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Chevron Corp.’s $53 billion deal to acquire Hess Corp. suffered a potential blow Monday as an influential adviser said investors should abstain from voting for the deal. Read More |
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Companies that fail to effectively deploy artificial intelligence technology will likely lose their competitive edge, lag peers and eventually end up with weaker credit quality, according to Moody’s Ratings. Read More |
Mark Cuban, the Dallas Mavericks basketball team minority owner who co-founded Cost Plus Drugs, said large employers that pay their own health-care claims should make their health insurance and pharmaceutical contracts publicly available. Read More |
President Joe Biden unveiled sweeping tariff hikes on a range of Chinese imports, in an election-year bid to bolster domestic manufacturing in critical industries. Read More |
Booking Holdings Inc.’s travel services platform became the latest technology business to be targeted by the European Union’s crackdown on technology firms’ market power. Read More |
Several major US airlines and their lobbying group sued the US Transportation Department over new regulations mandating up-front disclosure of certain fees, in a fight over rules the agency says could mean big savings for travelers. Read More |
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US IPOs to Slow After Five Weeks of $1 Billion-Plus Volume |
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Initial public offerings in the US are poised to take a breather, with volume expected to snap a solid run of five consecutive weeks with more than $1 billion raised. “I don’t think this summer is going to be gangbusters busy, but there are going to be a few offerings that will serve as important barometers for the health of the IPO market,” said Paul Abrahimzadeh, Citigroup’s co-head of equity capital markets for North America. Read More
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Delaware’s judiciary has taken tangible steps toward diversifying the state’s mostly White, male legal community since 2022, but there’s a long way to go, the state’s top court said in a report issued Monday. Read More |
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Perspectives From Legal Experts and Thought Leaders
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Attorney Sara Kropf reviews a novel discovery ruling in an FCPA case, and how defendants can argue for DOJ’s help to get foreign evidence. Read More |
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Esquire Group’s Jimmy Sexton details asset-saving strategies, saying that accelerating gifts to nongrantor trusts and charities are good options. Read More |
Segal McCambridge attorney Andrew Wells explains the benefits of hiring veterans and federal requirements of companies that employ them. Read More |
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Manaf Triqui has joined Orrick as a partner in its French finance practice, the firm said Monday. Read More |
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Jeffrey Rudd joined Ogletree Deakins as a shareholder in the firm’s Chicago office, the firm said Monday. Read More |
Elizabeth Atkinson joined Baker Donelson as shareholder in the firm’s offices in Baltimore and Falls Church, Va., according to an announcement Monday. Read More |
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Michele Choe has joined the Denver office of Dinsmore & Shohl LLP as a new partner, the firm said Friday. Read More |
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The US ordered a Chinese crypto mining company to vacate and sell a property it bought near a Wyoming Air Force base that houses intercontinental ballistic missiles, calling the firm a national security threat. Read More |
Kristen Clarke, the Biden administration’s civil rights chief, condemned hate-based violence in a Columbia Law School commencement speech Monday in New York. Read More |
Emmanuel Macron spent Monday entertaining some of the biggest names from Wall Street at Versailles, while his government has been working on a series of measures to boost the country’s attractiveness to the financial services industry. Read More |
Opinion There is some bad news afoot for workers. Labor’s share of the US gross domestic product has been falling for a long time, by seven percentage points since World War II. Read More |
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