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IRS policies favoring multinationals criticized by TIGTA
TIGTA has raised concerns that some IRS policies may disproportionately benefit large multinational corporations using foreign trust structures to evade U.S. taxes. The report highlights that these corporations often employ strategies to hide income-producing assets or underreport taxable income. TIGTA identified 23 multinational corporations allegedly engaging in such practices and criticized the IRS for allowing…
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Law firms scramble to analyze SEC climate reporting rule
When the Securities and Exchange Commission (SEC) released its final rule on climate reporting for publicly traded companies, law firms like Ropes & Gray quickly analyzed the 885-page document and provided commentary to clients. Many law firms have established dedicated ESG practice groups to assist clients with the increasing number of ESG rules and initiatives….
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Ransomware litigation surges as cybercriminals target businesses
Ransomware litigation has seen a surge as cybercriminals target businesses of all sizes. The Ransomware-as-a-Service business model has made it easier for criminals to carry out attacks, resulting in a rise in lawsuits. CDK Global, a major industry software vendor, recently fell victim to a ransomware attack, causing operations at thousands of car dealerships to…
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Lawyers urged to consider ethical obligations when using generative AI tools
Lawyers need to “fully consider” their ethical obligations when using generative artificial intelligence (AI) tools, according to the American Bar Association (ABA). The ABA warns that lawyers face risks from the technology, including protecting client data and ensuring candor toward the tribunal. The ABA’s ethics opinion emphasizes the need for lawyers to stay updated on…
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AI to redefine paralegal role, imperiling some practitioners, turbocharging careers of others
Paralegals face unprecedented pressure to demonstrate their value as artificial intelligence (AI) takes over routine tasks, say industry experts. While some paralegals may struggle to adapt, those who leverage AI to enhance productivity could see their careers flourish. Luigi Caldeira, a senior paralegal at Greenberg Traurig, notes that AI increases efficiency without replacing oversight. However,…
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Trends driving the need for more content collaboration and real-time engagement
Ari Kaplan recently interviewed Adrienne Lester, Senior Director of Business Services at ShareFile, about the evolving trends in legal content collaboration and real-time engagement. Key drivers include technology adoption, generative artificial intelligence (AI), remote work, virtual collaboration, client expectations, and security concerns. ShareFile enhances law firm workflows by providing user-friendly solutions that improve visibility and…
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