Legal News Roundup 6/30
FindLaw Purchases A.I. Legal Assistant
Thomson Reuters has agreed to buy Casetext, a San Francisco-based A.I. assistant for lawyers, for $650 million in liquid assets. This is the most recent, of a quickly growing list, of major players in the legal field adding to their A.I. arsenal as the revolutionary tech continues to boom. In 2022, Casetext received a $125 million valuation from PitchBook, the company originally launched in 2013 as a knowledge-sharing tool.
Supreme Court Knocks Down Student Loan Forgiveness
The Supreme Court ruled 6-3 against President Biden’s attempt to forgive $430 million in student loans. When the plan was originally announced 26 million Americans applied for relief eligibility. Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina were the six states that challenged Biden's debt relief. Some 53% of Americans said they support Biden's debt relief, with 45% opposed, according to a Reuters/Ipsos poll from March of 2023.
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Florida Rejects New Bar Exam
Florida's decision not to use the new bar exam is a setback for the National Conference of Bar Examiners, but it is not necessarily a full loss for the test as the state will reassess in 2026. Other jurisdictions may still choose to adopt it, and the conference will continue to work to improve the test in the hopes of gaining more widespread acceptance. As of 2022, Florida is the fourth largest state in regards to bar exam jurisdiction only trailing New York, California, and Texas with Nearly 2,800 law graduates taking its July 2022 exam.
Major Changes in Big Law Hires
While many major law firms are seeing big waves of layoffs, others are opting to add key talent. For example, Rimon, a law firm founded in San Francisco, announced on Thursday that it has hired two new partners in California. These new hires will expand the firm's offerings in the areas of venture capital, intellectual property, and mergers and acquisitions with clients such as Meta, and MGM.