Expert Analysis

• Navigating Privilege Law Patchwork In Dual-Purpose Comms

  

  Three years after the U.S. Supreme Court declined to resolve a circuit split in In re: Grand Jury, federal courts remain split as to when attorney-client privilege applies to dual-purpose legal and business communications, and understanding the fragmented landscape is essential for managing risks, say attorneys at Covington.

• AG Watch: Calif. Fills Federal Consumer Protection Void

  

  California's consumer protection efforts seem to be intensifying as federal oversight wanes, with Attorney General Rob Bonta recently taking actions related to buy now, pay later products, credit reporting and medical debt, consumer credit discrimination, and the use of artificial intelligence in consumer services, say attorneys at Cooley.

• AI-Driven Harassment Poses New Risks For Employers

  

  Two recent cases show that deepfakes and other artificial intelligence‑generated content are emerging as a powerful new mechanism for workplace harassment, and employers should take a proactive approach to reduce their liability as AI continues to reshape workplace dynamics, say attorneys at Littler.

• Drilling Down Into The Uncertain Future Of Venezuelan Energy

  

  Several key issues will inform whether, when and how U.S. businesses enter, reenter or expand operations in Venezuela — including sanctions relief, economic incentives, resolution of past expropriations, questions about the country's political outlook, and broader trends and conditions in the global energy market, say attorneys at Holland & Knight.

• What Changed For Healthcare Transaction Law In 2025

  

  Though much of the legislation introduced last year to expand state scrutiny of healthcare transactions did not pass, investors should pay close attention to the overarching trends, which are likely to continue in this year's legislative sessions, say attorneys at Ropes & Gray.

• Decoding The SEC's Plans To Revitalize The US IPO Market

  

  Chairman Paul Atkins' recent speech showcased the U.S. Securities and Exchange Commission's plans to ease certain disclosure burdens, rein in politicized shareholder voting and mitigate litigation risk, which could encourage more U.S. companies to seek public listings stateside and make U.S. stock exchanges more competitive for foreign companies, say attorneys at Baker McKenzie.

• Expect State Noncompete Reforms, FTC Scrutiny In 2026

  

  Employer noncompete practices are facing intensified federal scrutiny and state reforms heading into 2026, with the Federal Trade Commission pivoting to case-by-case enforcement and states continuing to tighten the rules, especially in the healthcare sector, say attorneys at DLA Piper.

• Banking Regulation Themes To Anticipate In 2026

  

  The banking enforcement and rulemaking agenda for this year is likely to reflect a mix of targeted reform, deregulatory recalibration and new priorities aligned with supervisory modernization, says Kim Prior at King & Spalding.

• Cannabis Industry Faces An Inflection Point This Year

  

  Cannabis industry developments last year — from the passage of a new wholesale tax in Michigan, to an executive order accelerating the federal rescheduling process — presage a more mature phase of legalization this year, with hardening expectations and enforcement to come, says Alex Leonowicz at Howard & Howard.

• CMS 2027 Proposal Is Mixed Bag For Medicare Advantage

  

  The Centers for Medicare and Medicaid Services' recent proposed rule for the Medicare Advantage and Part D programs gives small organizations reason for optimism, although certain elements may be inconsistent with the Centers' desire to enhance competition, says Christine Clements at Sheppard Mullin.

• Easing Equity Research Firewall Shows SEC Open To Updates

  

  The U.S. Securities and Exchange Commission’s recent agreement to modify a decades-old settlement meant to limit investment bankers’ influence over research analysts within major broker-dealer firms reflects a shift toward a commission that recognizes how rules can be modernized to lighten compliance burdens without eliminating core safeguards, say attorneys at Ropes & Gray.

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  Calif. Banking Brief: All The Notable Legal Updates In Q4

  

  The regulatory and litigation developments for California financial institutions in the fourth quarter of 2025 were incremental but consequential, with the Department of Financial Protection & Innovation relying on public enforcement actions to articulate expectations, and lawmakers and privacy regulators playing a role as well, says Stephen Britt at Stinson.

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  Fly-Fishing Makes Me A Better Lawyer

  

  Much like skilled attorneys, the best anglers prize preparation, presentation and patience while respecting their adversaries — both human and trout, says Rob Braverman at Braverman Greenspun.

• Unpacking The DOJ Meatpacking Probe

  

  The recent U.S. Department of Justice meatpacking antitrust investigation is in line with the Trump administration's focus on crimes that affect U.S. consumers, and businesses in other agricultural sectors should be aware of the increased antitrust scrutiny currently aimed at the industry, say attorneys at Norton Rose.

• Aligning With EPA's 'Compliance First' Enforcement Policy

  

  To take advantage of the U.S. Environmental Protection Agency's new "compliance first" policy, companies will need to maintain up-to-date compliance programs, implement self-audits and find-and-fix protocols, and lean more into open communication with regulators, say attorneys at Crowell & Moring.