Bloomberg Law

Check out the latest edition of Inside Big Law here:   Big Law firms with ties to President-elect Donald Trump are making sure their clients know about them — even though firms overwhelmingly supported Vice President Kamala Harris with their donations.   Coinbase’s CEO took aim at Milbank’s hire of former SEC director warning its law firms not to hire any anti-crypto government lawyers or risk losing the company’s work.   Paul Weiss joined more than a dozen other US law firms that have closed offices or reduced their footprint in mainland China over the past year.  

Legal professionals are feeling the pressure to learn about how generative AI can be harnessed to save their organizations time and money, optimize workflows, and improve outcomes. While much of AI’s promise for the legal industry is real, there are still some misconceptions out there. Recently I sat down with Bloomberg Law Product Manager Erin Perugini to help law leaders separate fact from fiction. Here’s a quick breakdown of three myths we debunked: ❌ Myth #1: Generative AI is too risky for legal work. Fact: It depends. A platform that isn’t geared toward the legal profession and doesn’t pull from authoritative sources can get you in a lot of trouble. But a trustworthy AI solution that’s grounded in the legal domain and built for solving your problem can help you work faster, smarter, and responsibly. ❌ Myth #2: You need to know prompt engineering to use AI. Fact: Learning to write good prompts and interact with a model is useful – but not the be-all and end-all. At Bloomberg Law, we solve problems with a more intuitive user experience; for example, our Clause Advisor gives users a slider tool to adjust the nuance of language in a clause to be more buyer-friendly or seller-friendly. No prompts needed. ❌ Myth #3: AI will replace lawyers. Fact: This is not the case. Lawyers’ client services skills and analytical capabilities are necessary for the field. However, those who leverage AI to spend less time on mundane tasks and more time on higher value work will become more valuable to firms than lawyers who do not.

Do you have the tools you need to beat the year-end crunch? Because our customers do. The ‘Bloomberg Law In-House Counsel Customer ROI Survey’ found that integrating our solutions into daily workflows simplified and streamlined common, time-consuming legal tasks, saving users an average of four hours per week. To evaluate the impact of Bloomberg Law on operational efficiency, participants were asked to estimate the time saved on various responsibilities since implementing the platform. The findings reveal heightened productivity gains, with customers reporting more than a 50% reduction in time spent on routine legal tasks, such as conducting legal research, drafting contracts, and monitoring docket activity. Download the survey report to discover how we can help your legal department save time and increase efficiency: https://lnkd.in/ez52TuHk

Companies are adopting a wide variety of pet-friendly policies to boost morale and attract top talent, a growing shift in workplace culture that carries some litigation risks if not implemented properly.⁠ ⁠ The prominence of employee pet benefits increased in the wake of the Covid-19 pandemic, when pet ownership soared as people turned to animal companions for emotional support and to alleviate loneliness and anxiety. Companies like Amazon, Google, and Uber allow the occasional “bring your pet to work” days, while others like Workday subsidize shelter pet adoption fees.⁠ ⁠ Learn more about these new kind of policies from Khorri A. Atkinson: https://lnkd.in/eCWS_rW9

Law schools have been including AI in elective courses and secondary programs, but recent survey data suggest that they will likely increase their teachings of AI—and incorporate it further into standard legal education—to help meet legal employers’ growing demand for new hires who have AI experience. As part of the Bloomberg Law 2025 lookahead series, Andie Hozik (White) examines how law schools are responding to AI and the outlook for it in the year ahead. To read Hozik's analysis, download your complimentary copy of the Bloomberg Law 2025 report: https://lnkd.in/ePNCJtFA

Each year, as part of our Bloomberg Law Outlook Series, our expert legal analysts break down the developments they are following heading into the year ahead. This year's iteration features deep dives into the latest data and trends across the major legal topics practitioners need to be aware of to stay ahead of the curve in 2025. Check out my series preview below. Bloomberg Law subscribers can access the series here: https://lnkd.in/gjR3ZDt8 Non-subscribers can access the series here: https://lnkd.in/giETsvGx Please give it a read and let us know what you think! #legalindustry #legaltech #outlook #litigation #AI #transactions #compliance

In the face of adversity, now is the time for the legal industry to prioritize equity and lead the way for others. This year was the fourth year of Bloomberg Law's annual DEI Framework, which recognizes law firms that meet or exceed a rising standard for diversity, equity, and inclusion in their firms. This year, we were able to examine the data in ways that we have never been able to before. Check out the video where Brittany L. Long and I cover some of the findings.   For more analysis, to download the framework report, and to sign up for access when data collection opens in Q1 2025, click here: https://lnkd.in/gQMgi_YC

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