Bloomberg Law

The latest edition of Inside Big Law is here: ? Big Law’s annual bonus scale hasn’t budged in three years, as firms increasingly focus on protecting partner profits. ? Mass tort lawyers and their investors have a problem: high-interest loans that law firms behind huge tort cases use to fund their work are coming due but many of the large payouts they anticipated have yet to come. ? Elizabeth Stotland Weiswasser and Anish Desai are joining Paul Weiss?from Weil. Weiswasser will become one of five litigation co-chairs at the New York firm.

Citations to fabricated case law and fictitious propositions continue to appear in court filings as litigants and their counsel persist in using generative artificial intelligence to draft court filings, according to a recent analysis article from Golriz Chrostowski. This begs the question: Should courts prohibit generative AI in drafting court filings for the time being?

The latest installment of our annual outlook series is here! 'Bloomberg Law 2025: Predictions That Cut Through the Commotion,' provides an in-depth analysis of issues shaping law and highlights what to expect in the year ahead. ? Bloomberg Law 2025 focuses on five categories: ? Litigation: Review major changes in case law in 2024 and what they portend for 2025. ? Transactions & Contracts: Explore the forces shaping key markets of interest in both commercial and corporate transactions. ? Regulatory & Compliance: Examine important areas of corporate risk, from ESG to privacy and from fair practices to DEI. ? Artificial Intelligence: Learn about the issues driven by the dramatic rise of generative AI and how those issues will impact organizations and professionals in 2025. ? Practice of Law: Explore the issues that legal practitioners will contend with as they navigate the year ahead, including DEI, technology, remote work, and attorney well-being. ? Explore the themes and topics that our legal analysts will be watching closely in the coming year: https://lnkd.in/ePNCJtFA

Is AI too risky for legal work? According to Bobby Puglia, it depends. ? I recently sat down with Bobby to uncover the truth about AI in law and legal practice. In this clip, he dives into the factors that need to be considered when evaluating the risk of using AI. ? Watch the replay of our discussion to discover what lawyers can gain from AI and the questions that need to be asked before risking it all: https://lnkd.in/d_fiKgxa

The latest edition of Inside Big Law is here: The stage is now set to see what the rest of the Big Law firms do when it comes to associate bonuses. Will they match Milbank’s year-end bonus scale or will they add in extra cash to make up for special bonuses? Herbert Smith Freehills and Kramer Levin’s plan to merge will accelerate US growth in sectors including energy, financial services, infrastructure, mining, and technology, the firms said. Latham has seen unusual turnover in London amid frenzied market and pay changes.

Developing generative AI tools is not a set-it-and-forget-it proposition – we must continue to evaluate AI outputs for accuracy, quality, and other important metrics to ensure our customers can trust the responses we give. We also know that AI alone cannot be used to assess its own quality. At Bloomberg Industry Group, we have developed standards to consistently evaluate our AI products. Our benchmarking framework measures the accuracy, quality, relevance, and safety of our AI output in sound and reproducible ways. Here, I lay out our evaluation process and criteria to ensure our customers can trust our AI tools.

John B. Quinn is chairman and founder of Quinn Emanuel, one of the most profitable law firms in the world. In this episode of UnCommon Law, hosted by Matthew S. Schwartz, Quinn shares his insights on AI's potential and details how it saves his firm significant time drafting litigation documents. Listen to the full podcast for more on AI’s current capabilities and its implications for the future of law: https://lnkd.in/eU8MgeYU

Check out the latest edition of Inside Big Law here: ? Nonequity partners are facing higher tax bills making their take-home pay marginally better than associates. There’s a term for when partners look to hoard credit for work and keep others at bay. It’s called “sharp elbows.”?Roy Strom looks at the surging pay packages that might produce such bad behavior. ? McDermott mirrors Davis Polk in upping trainee salaries in London.

It’s important for legal professionals to understand how to evaluate the quality of today’s AI products, and to consider more than just the tech when vetting a solution for legal work. In a piece for LegalTech News, I dive into three key points to consider before using an AI tool: 1. How user experience improves efficiency and adoption 2. Why having an expert team behind your AI tool matters 3. The essential guardrails to ensure accuracy and reliability Read the full article here: https://lnkd.in/eFc2aASU

Artificial intelligence is changing the practice of law. Legal AI tools can help lawyers automate manual processes and work more efficiently, but as AI technology continues to evolve, legal professionals need to understand how to balance the benefits with the potential risks and ethical questions of AI in law and legal practice. To educate lawyers on what they have to gain from using AI – and the questions they should be asking before risking it all – we hosted 'The Truth About AI for Law.' In a conversation with Erin Perugini, Bobby Puglia shared his insights on how AI is transforming law and spoke to Bloomberg Law's unique approach to developing and using AI that is built for lawyers, by lawyers. Watch the full replay here: https://lnkd.in/eWHqRztn