AI systems can take on many tasks that human assistants traditionally perform, but they certainly won’t replace human assistants anytime soon. AI excels at automating routine, repetitive tasks like data entry, scheduling, and information lookup. Hence, AI can augment and assist human assistants by handling the more mundane aspects of their jobs. However, human assistants … Read more
The Corporate Transparency Act (CTA) was signed into law as part of the National Defense Authorization Act. The goal of this legislation is to make information about who really owns or controls certain corporations and limited liability companies more readily available to law enforcement. Why? To crack down on the use of shell companies in … Read more
The Securities and Exchange Commission is taking aim at investment advisory firms that mislead investors about their use of artificial intelligence. In an enforcement action announced today, the SEC charged two firms – Delphia (USA) Inc. and Global Predictions Inc. – with making false and misleading statements about incorporating AI into their investment processes. From … Read more
AI can play a crucial role in managing and organizing NFT portfolios and collections. As the NFT market grows, many investors and collectors may find themselves holding NFTs across different platforms and blockchains. Keeping track of all these assets, their values, ownership details and other relevant information can become increasingly challenging without the aid of … Read more
A letter of intent or LOI is a document that’s often used to outline the preliminary understanding between parties before entering into a formal contract or agreement. Below, I outline the common mistakes in LOIs and how to avoid them. Parties should address these common mistakes and taking proactive steps to draft clear, comprehensive, and … Read more
A federal judge harshly criticized a law firm’s attempt to use ChatGPT to help estimate its legal fees in a case against New York City. The Cuddy Law Firm, which specializes in special education cases, cited ChatGPT’s feedback as a “cross-check” to support its request for over $113,000 in fees after successfully representing a student … Read more
Generative AI refers to artificial intelligence systems that are capable of generating new data, such as text, images, audio, or other multimedia content. Unlike traditional AI models that are trained to analyze and make predictions based on existing data, generative AI models can create entirely new and original outputs. Generative AI models are trained on … Read more
The use of AI can provide significant benefits for the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) in managing the Corporate Transparency Act (CTA). However, there are potential dangers and risks that need to be carefully addressed. AI models can perpetuate or amplify existing biases in the training data, leading to discriminatory outcomes or … Read more
The best and worst uses by private equity firms of AI depend on how effectively the firms leverage AI technologies to achieve their goals while considering potential risks and—I am hopeful—ethical considerations. Best Use Worst Use The best use of AI by private equity firms involves leveraging AI technologies to enhance investment decision-making, operational efficiency, … Read more
A Federal District Court in Alabama just issued a decision finding the Corporate Transparency Act (CTA) unconstitutional in the case of National Small Business United v. Yellen. The court ruled that in enacting the CTA, Congress exceeded its Constitutional powers, including its authority to regulate interstate commerce. Specifically, the court agreed with plaintiffs that while … Read more
Innodata Inc. is an American company, headquartered in New Jersey, that provides business process, technology and consulting services. A class action lawsuit has been brought against Innodata alleging securities fraud related to misrepresentation of the company’s AI technology and business prospects. The plaintiffs claim that between May 9, 2019, and February 14, 2024, the defendants … Read more
AI can automate various aspects of the due diligence process, such as document review, redlining, and contract summarization. By automating routine tasks, AI frees up M&A professionals to focus on higher-value activities, such as strategic analysis and negotiation. I give more particulars below after the video. By automating routine tasks and leveraging AI-driven analytics, M&A … Read more
I asked ChatGPT to write 10 original legal jokes. I don’t think Dave Chapelle has got anything to worry about.
As artificial intelligence increasingly makes high-stakes decisions without direct human intervention, the domains of legal liability and ethical responsibility drift into uncharted territory. From medical diagnoses to judicial sentencing to self-driving vehicle accidents, complex AI systems utilize vast data processing capabilities to take consequential actions autonomously. But who is held accountable when inevitable errors arise, … Read more
The New York Times has filed a lawsuit against Microsoft and OpenAI alleging that their generative AI systems, including Copilot/Bing Chat and ChatGPT, infringe on the Times’ copyrighted articles by copying and using them without permission to train the AI models. The Times’ key points: As of this writing, the defendants have not responded.
As artificial intelligence continues to transform the legal landscape, it brings forth a host of opportunities and challenges. One critical aspect that legal clients must prioritize is the protection of privacy in the era of AI. I explore below the privacy risks associated with AI and provide actionable insights for legal professionals to navigate this … Read more
AI and ethics can walk hand-in-hand. Ever pondered what role artificial intelligence might play in the legal landscape? As technology marches on, AI offers unique opportunities for legal professionals. But training AI isn’t all ones and zeros. Ethical, regulatory, and practical considerations abound. Training AI for legal tasks isn’t a walk in the park. It demands … Read more
The data trails we leave each dayContain our joys, beliefs, errors of the past.The systems trained on such displayBiases that within were cast. Imprints of preconception live on,As algorithms crunch through unfeeling bits.Creating models that still drawnTo the prejudices found in it. They mirror latent flaws back to us,Mathematizing the biases we’ve made.Garbage in begets … Read more
Artificial Intelligence systems can unintentionally perpetuate and amplify societal biases, leading to unfair outcomes. This can occur because the AI algorithms reflect the biases in the data used for training. The video below presents the reasons biases can occur and the ways those biases can be overcome. We’ll talk more about training in the near … Read more
The New Jersey Supreme Court has issued preliminary guidelines on the use of Artificial Intelligence by NJ attorneys. Here is a summary of the key points from the notice regarding the guidelines. The core ethical responsibilities of lawyers outlined in the Rules of Professional Conduct will not change by the integration of AI in legal … Read more