Expert Analysis

• Bipartisan Bill Could Aid ESOP Formation, Valuation Clarity

  

  The proposed Retire through Ownership Act represents a meaningful first step toward clarifying whether transactions qualify under the adequate consideration exemption in the Employee Retirement Income Security Act, potentially eliminating the litigation risk that has chilled employee stock ownership plan formation, say attorneys at Moore & Van Allen.

• Opinion

  Bar Exam Reform Must Expand Beyond A Single Updated Test

  

  Recently released information about the National Conference of Bar Examiners’ new NextGen Uniform Bar Exam highlights why a single test is not ideal for measuring newly licensed lawyers’ competency, demonstrating the need for collaborative development, implementation and reform processes, says Gregory Bordelon at Suffolk University.

• A Simple Way Courts Can Help Attys Avoid AI Hallucinations

  

  As attorneys increasingly rely on generative artificial intelligence for legal research, courts should consider expanding online quality control programs to flag potential hallucinations — permitting counsel to correct mistakes and sparing judges the burden of imposing sanctions, say attorneys at Lankler Siffert & Wohl and Connors.

• What's At Stake In High Court Review Of Funds' Right To Sue

  

  The U.S. Supreme Court's upcoming review of FS Credit Opportunities v. Saba Capital Master Fund, a case testing the limits of using Investment Company Act Section 47(b) to give funds a private right of action to enforce other sections of the law, could either encourage or curb similar activist investor lawsuits, say attorneys at Goodwin.

• New NY Residential Real Estate Rules May Be Overbroad

  

  New legislation imposing a 90-day-waiting period and tax deduction restrictions on certain New York real estate investors may have broad effects and unintended consequences, creating impediments for a wide range of corporate and other transactions, says Libin Zhang at Fried Frank.

• M&A Ruling Reinforces High Bar For Aiding, Abetting Claims

  

  The Delaware Supreme Court's recent decision in In re: Columbia Pipeline may slow the filing of aiding and abetting claims against third-party buyers in situations where buyers negotiate aggressively, putting buy-side dealmakers' minds at ease that they likely won't be liable for seeking the best possible deal, say attorneys at Simpson Thacher.

• Series

  Creating Botanical Art Makes Me A Better Lawyer

  

  Pressing and framing plants that I grow has shown me that pursuing an endeavor that brings you joy can lead to surprising benefits for a legal career, including mental clarity, perspective and even a bit of humility, says Douglas Selph at Morris Manning.

• Opinion

  The Legal Education Status Quo Is No Longer Tenable

  

  As underscored by the fallout from California’s February bar exam, legal education and licensure are tethered to outdated systems, and the industry must implement several key reforms to remain relevant and responsive to 21st century legal needs, says Matthew Nehmer at The Colleges of Law.

• Antitrust Considerations Amid Cricket's US Expansion

  

  As cricket continues to grow in popularity in the U.S., leagues, teams and enterprises operating in adjacent spaces should consider the potential antitrust risks associated with their business decisions, particularly around league operations and regulations, broadcasting, licensing, and player labor and mobility, say attorneys at Morgan Lewis.

• E-Discovery Quarterly: Rulings On Relevance Redactions

  

  In recent cases addressing redactions that parties sought to apply based on the relevance of information — as opposed to considerations of privilege — courts have generally limited a party’s ability to withhold nonresponsive or irrelevant material, providing a few lessons for discovery strategy, say attorneys at Sidley.

• Opinion

  Section 1983 Has Promise After End Of Nationwide Injunctions

  

  After the U.S. Supreme Court recently struck down the practice of nationwide injunctions in Trump v. Casa, Section 1983 civil rights suits can provide a better pathway to hold the government accountable — but this will require reforms to qualified immunity, says Marc Levin at the Council on Criminal Justice.

• Impending Quality Control Standards Pose Risks For Auditors

  

  Public accounting firms will need to comply with new standards aimed at strengthening their quality control systems by the end of this year, a significant challenge sure to increase costs, individual liability and regulatory scrutiny, say Kelly Bossard at FTI Consulting and Mike Plotnick at King & Spalding.

• Series

  Playing Soccer Makes Me A Better Lawyer

  

  Soccer has become a key contributor to how I approach my work, and the lessons I’ve learned on the pitch about leadership, adaptability, resilience and communication make me better at what I do every day in my legal career, says Whitney O’Byrne at MoFo.

• Opinion

  The SEC Should Embrace Tokenized Equity, Not Strangle It

  

  The U.S. Securities and Exchange Commission should grant no-action relief to firms ready to pilot tokenized equity trading, not delay innovation by heeding protectionist industry arguments, says J.W. Verret at George Mason University.

• Series

  Law School's Missed Lessons: Learning From Failure

  

  While law school often focuses on the importance of precision, correctness and perfection, mistakes are inevitable in real-world practice — but failure is not the opposite of progress, and real talent comes from the ability to recover, rethink and reshape, says Brooke Pauley at Tucker Ellis.