Expert Analysis

• Where States Jumped In When SEC Stepped Back In 2025

  

  The state regulators that picked up the slack when the U.S. Securities and Exchange Commission scaled back enforcement last year should not be underestimated as they continue to aggressively police areas where the SEC has lost interest and probe industries where SEC leadership has actively declined to intervene, say attorneys at Morgan Lewis.

• What's On Deck In Tribal Nations' Prediction Markets Litigation

  

  Native American tribes' response to the expansion of sports-based prediction markets enters a decisive phase this year, with appellate courts positioned to address whether federal commodities law permits nationwide offering of sports-based event contracts free from state and tribal gaming regulation, say attorneys at Holland & Knight.

• Reviewing Historical And Recent NYDFS Blockchain Guidance

  Excerpt from Practical Guidance

  

  An industry letter released in the fall by the New York State Department of Financial Services, together with guidance issued over the past decade, signals a heightened regulatory expectation for covered institutions regarding the use of blockchain analytics and requires review, says Nicole De Santis at Nomadis Consulting.

• SEC Virtu Deal Previews Risks Of Nonpublic Info In AI Models

  

  The U.S. Securities and Exchange Commission’s recent settlement with Virtu Financial Inc. over alleged failures to safeguard customer data raises broader questions about how traditional enforcement frameworks may apply when material nonpublic information is embedded into artificial intelligence trading systems, says Braeden Anderson at Gesmer Updegrove.

• Series

  Judges On AI: How Courts Can Boost Access To Justice

  

  Arizona Court of Appeals Judge Samuel A. Thumma writes that generative artificial intelligence tools offer a profound opportunity to enhance access to justice and engender public confidence in courts’ use of technology, and judges can seize this opportunity in five key ways.

• Examining Privilege In Dual-Purpose Workplace Investigations

  

  The Sixth Circuit's recent holding in FirstEnergy's bribery probe ruling that attorney-client privilege applied to a dual-purpose workplace investigation because its primary purpose was obtaining legal advice highlights the uncertainty companies face as federal circuit courts remain split on the appropriate test, say attorneys at Proskauer.

• Hot Topics For Family Offices In 2026

  

  For family offices, the throughline of 2026 is disciplined readiness, as navigating impact from the One Big Beautiful Bill Act and platform maturation will be necessary to preserve flexibility and enhance client outcomes, say attorneys at Morgan Lewis.

• Opinion

  The Case For Emulating, Not Dividing, The Ninth Circuit

  

  Champions for improved judicial administration should reject the unfounded criticisms driving recent Senate proposals to divide the Ninth Circuit and instead seek to replicate the court's unique strengths and successes, says Ninth Circuit Judge J. Clifford Wallace.

• Banking M&A Outlook Reflects Favorable Regulatory Climate

  

  The banking mergers and acquisitions environment is starting 2026 with a rare alignment of favorable market conditions and a more permissive regulatory atmosphere, creating a clear window for banks to pursue transformative combinations and shape the competitive landscape, say attorneys at Reed Smith.

• ERISA Litigation Trends To Watch With 2025 In The Rearview

  

  There were significant developments in Employee Retirement Income Security Act litigation in 2025, including plaintiffs pushing the bounds of sponsor and fiduciary liability and defendants scoring district court wins, and although the types of claims might change, ERISA litigation will likely be just as active in 2026, say attorneys at Groom Law.

• 2025's Defining AI Securities Litigation

  

  Three securities litigation decisions from 2025 — involving General Motors, GitLab and Tesla — offer a preview of how courts will assess artificial intelligence-related disclosures, as themes such as heightened regulatory scrutiny and risk surrounding technical claims are already taking shape for the coming year, say attorneys at Cooley.

• Series

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

  

  Among the most significant developments on the banking regulation front in Massachusetts last quarter, Attorney General Andrea Joy Campbell announced her bid for reelection, and the state Division of Banks continued its fintech focus by finalizing rules implementing a new money transmitter law, say attorneys at Nutter.

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  Muay Thai Makes Me A Better Lawyer

  

  Muay Thai kickboxing has taught me that in order to win, one must stick to one's game plan and adapt under pressure, just as when facing challenges by opposing counsel or judges, says Mark Schork at Feldman Shepherd.

• Series

  Law School's Missed Lessons: Intentional Career-Building

  

  A successful legal career is built through intention: understanding expectations, assessing strengths honestly and proactively seeking opportunities to grow and cultivating relationships that support your development, say Erika Drous and Hillary Mann at Morrison Foerster.

• How Shareholder Activism Fared In 2025

  

  2025 was a turbulent yet transformative year in shareholder activism, and there are several key takeaways to help companies prepare for a 2026 that is shaping up to be even more lively, including increased focus on retail investors and the use of social media as a tool, say attorneys at Sidley.